Introduction
All employers paying salary to employees are required to deduct TDS at a specific time period and deposit it to the government.
Every person or entity who has deducted TDS while disbursing salary to its employees is required to file your quarterly TDS returns via FORM 24Q. A delay in filing the TDS returns attracts interest and penalty levied by the Tax Department.
Service Includes
- Registration on TRACES
- Form 24Q upto 35 Employees
- Bulk PAN Verification
- Challan Verification
- Online FVU Generation and Submission
- Generation of Form 16
Required Documents
- Details of Deductor
- Details of Responsible person
- Details of Employee Salary
- TDS Challan details
- Deduction details
- Other Documents/details as required
Frequently ask questions
TDS stands for Tax Deducted at Source is the amount which is deducted from the salary income of an individual by an authorised deductor say by Individual, partnership firm, company etc.
All employers are responsible for deducting TDS on an average rate of income tax based on the current slab rate during the relevant financial year by considering employees estimated income.
If net Income is below exemption limit than no TDS is required to deduct while making payment. Following are the basic exemption limit at present:
For Individual | Basic exemption limit (in Rs.) |
Till age of 60 Years | 2,50,000 |
Senior Citizen age – 60-80 years | 3,00,000 |
Super Senior citizen age above 80 years | 5,00,000 |
For April to February -due date is 7th of the next month
For March – due date is 30th April
For each Quarter end | Due Date for filing of Return for all deductors |
30th June | 31st July |
30th September | 31st October |
31st December | 31st January |
31st March | 31st May |
Interest on late deduction of TDS – 1% per month or part of month
Interest rate if TDS deducted but delay in deposit – 1.5% per month or part of month
A fee of ₹200 per days is levied on late filing of TDS (Maximum upto amount of TDS)
If delay in filing return is more than a year from the due date of filing return than penalty can be levied upto ₹1,00,000/-.
Revised return filing on account of incorrect information provided by the assessee during the original return filing shall not form part of the plan.
Our plan caters to filing TDS returns for up to 50 employees. If your firm has more than 50 employees, our representatives will advise you on the fees. Kindly contact us for more detail.
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