Seamless TDS Return Filing by My Taxpal
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- TDS Return Filing
- Optimized Deductions for Maximum Savings
- Effortless TDS Submission
- Swift Processing and Confirmation
- Expert Support at Your Fingertips
WHO IS ELIGIBLE FOR TDS RETURN FILING?
TaxBuddy extends its TDS return filing online services to a diverse range of entities. Eligible entities include employers and organizations holding a valid TAN. Individuals subject to audit under Section 44AB and holding positions in government offices or companies are mandated to file online TDS returns on a quarterly basis.
TaxBuddy accommodates various deductors, ranging from individuals and groups of individuals to HUFs, limited companies, local authorities, associations of individuals, partnership firms, and more.
According to the Income Tax Act (ITA), TDS is applicable to various payouts, including:
- Salary income
- Income on securities
- Insurance commissions
- Payouts towards NSC
Earnings from winning horse races, lotteries, puzzles, and similar sources.
Understanding TAN with TaxBuddy
TAN stands for Tax Deduction and Collection Number. It is a 10-digit alphanumeric identifier mandated for individuals responsible for deducting or collecting tax at the source.
- Salaried Individuals Exemption: Salaried individuals are exempt from obtaining TAN or participating in tax deduction at the source.
- Entities Requiring TAN:TAN is imperative for proprietorships and various entities making specific payments such as salaries, contractor payments, or rent exceeding Rs. 2,40,000 per year.
- myTaxpal’s TAN Registration Support: myTaxpal, through its professionals at India Filings, provides support in acquiring TAN registrations. Expertise is offered to ensure a smooth and accurate TAN registration process.
- Quarterly TDS Returns Obligation: Entities with a valid TAN registration are obligated to file quarterly TDS (Tax Deducted at Source) returns.
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)
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TDS on Property Transactions
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Legal Requirement
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Transparency
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Avoiding Penalties
Demand Payment for TDS on Property
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Fulfilling Legal Obligations
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Financial Fairness
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Transparency
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Documentation and Records
26 QC (TDS on Rent of Property)
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TDS on Property Transactions
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Legal Requirement
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Transparency
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Avoiding Penalties
Demand Payment for TDS on Property
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Fulfilling Legal Obligations
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Financial Fairness
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Transparency
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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.
Required Documents For TDS Return Filing With myTaxpal
Navigating the intricacies of TDS return filing is simpler when armed with the right documents. At myTaxpal, we prioritize your ease of compliance. Here are the essential documents you need:
General Documents for TDS Return Filing:
- TDS Certificates: Gather all TDS certificates, providing a detailed record of tax deducted at source.
- Tax Payment Challans (Self-assessment, Advance Tax):Keep records of tax payment challans for self-assessment and advance tax payments made.
- PAN Card Details: Ensure you have accurate PAN card details for both deductors and deductees.
- Response to Income Tax Department Notices: If you’ve received a notice from the Income Tax department, have details of the original return or the notice response.
- Bank Account Information: Maintain comprehensive details of all bank accounts involved in the TDS transactions.