Seamless TDS Return Filing by My Taxpal

Pricing

Tax Deducted at Source

Deduct the right amount of tax, maintain proper documentation, and submit your TDS returns

26 QB (TDS on Sale of property)

1,299 /Year
  • TDS on Property Transactions
  • Legal Requirement
  • Transparency
  • Avoiding Penalties

Demand Payment for TDS on Property

1,299 /Year
  • Fulfilling Legal Obligations
  • Financial Fairness
  • Transparency
  • Documentation and Records

26 QC (TDS on Rent of Property)

1,299 /Year
  • TDS on Property Transactions
  • Legal Requirement
  • Transparency
  • Avoiding Penalties

Demand Payment for TDS on Property

1,299 /Year
  • Fulfilling Legal Obligations
  • Financial Fairness
  • Transparency
  • Documentation and Records

What is a TDS Certificate?

TDS Certificate Importance:

After deducting TDS, it is essential for the deductor to furnish a TDS Certificate. Validating tax credits becomes easy for the deductee with a legitimate TDS Certificate from TRACES.

TDS Certificate Features:

TDS Certificates from TRACES feature a unique 7-digit certificate number. They also include a TRACES watermark for authenticity.

My Taxpal's Emphasis on Preservation

My Taxpal emphasizes the importance of preserving TDS certificates diligently. Proper documentation is crucial for deductees for a smooth tax journey

Issuance Frequency for TDS Certificates:

TDS certificates for non-salary payments are issued quarterly. Those related to salary payments are provided annually.

TDS Return Filing Deadlines: Stay Informed with My Taxpal

01.

QUARTER 1

31st July

02.

QUARTER 2

31st October

03.

QUARTER 3

31st Jan

04.

QUARTER 4

31st May

Navigating TDS Return Filing Penalties with My Taxpal

Ensuring compliance with TDS rules is paramount, and non-compliance may lead to penalties, manifesting as fees and interest on the taxable amount.

Penalty Types: My Taxpal understands the diverse penalties involved, such as:

1. Regulation Regarding Tax Deduction:

  • Tax deduction delays invite a 1% monthly interest penalty until the deduction occurs.

  • Failure to deduct may restrict the person responsible from determining taxable profit from total expenditure.

 

2. Regulations Regarding TDS Payment:

  • Taxpayers must remit the taxable sum to the Government of India by the 7th day of the month succeeding tax filing.

  • Non or late TDS payment attracts a 1.5% monthly penalty on the total payable sum until deposited.

 

3. Regulations Regarding TDS Return Filing:

  • TDS returns should be diligently filed on the 31st day of January, May, July, and October each financial year.

  • Non-filing or late filing accrues a Rs.200 daily penalty (Section 234E of the Income Tax Act) until the return is submitted, capped at the total tax levied.

Simplify TDS with My Taxpal: Comprehensive Solutions for Easy Filing

1. TDS Return Filing:.

We facilitate seamless TDS return filing for businesses and individuals and support the filing of various TDS returns such as Form 24Q, 26Q, and 27Q. Users can easily upload the necessary details, reconcile TDS data, and generate the required TDS return files for submission to the income tax department.

2. TDS Compliance:

We ensure TDS compliance by keeping users updated on the latest TDS rules and regulations. The platform provides comprehensive guidance on deducting the correct TDS amounts, adhering to TDS rates, and complying with filing timelines. Through regular updates and alerts, TaxBuddy.com assists businesses in staying compliant with TDS regulations, minimizing the risk of penalties and ensuring smooth interactions with tax authorities.

3. TDS Reconciliation & Reporting:

We offer robust TDS reconciliation and reporting features. The platform enables users to reconcile TDS deducted with TDS deposited, helping to identify and rectify any discrepancies. Detailed reports provide insights into TDS deductions across different heads, making it easier for businesses to ensure accuracy in their financial records.

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Tax filing is the process of filing your income tax returns with the Income Tax Department. This involves making a declaration of income and the taxes already paid over the year. This is required so that there is proper tax compliance and to make sure that one has paid the right amount of tax. In case the taxpayer had paid amounts of tax higher than that required, then a refund of the excess is granted. Essentially, tax filing helps maintain transparency and fairness in your financial obligations to the government.

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