TDS RETURN

Navigating timely filing of TDS returns helps prevent possible fines and penalties. Our team of experts one of the best compliance service providers, ensure that you correctly file the returns according the rules and regulations of the Income Tax Department.

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Service Overview

We provide full support for filing TDS Returns with Income Tax Department’s rules on quarterly basis, with proper streamlining of procedures. Our services streamline the process, minimize errors, and help you avoid penalties associated with late or incorrect filings.

‍Challenges of Filing for a Private Limited Company

Complex Procedures

The formation of the private limited company is quite complex as it requires many legal formalities.

Time-Consuming

Sometimes, its exhausting to gather all the necessary papers and fill out all necessary documents.

Share Limit

In a Private Limited Company there is a limit of 200 shareholders, with a restricted limit on share transfers.

Business Commencement

Within 180 days of registering a Private Limited Company, the certificate of commencement of business must be obtained.

‍Challenges of Filing for TDS Return

Complexity of TDS Regulations

A good understanding of the current tax regulations is needed to work with the complexities of TDS laws. Errors might occur if the due knowledge is missing and may lead to potential penalties and legal complications.

Timely Submission Requirements

TDS returns are to be filed, on a quarterly basis, within stipulated deadlines. Nevertheless, a single mistake like not adhering to the date might bring about fines and interest charges as well, thereby emphasizing the timeliness of submissions made.

Accuracy in Data Management

Correct data entry with proper PAN details along with the transaction particulars is necessary. Mismatches in Form 26AS could affect both deductors and deductees.

Struggle to stay updated with Regulation

The law is always updated and changes occur on a regular basis in the tax law. Compliance has to be kept in accordance. Ignorance of modification will lead to violations.

Advantages of TDS Return

Ensures Compliance

Our services will see that all your needs, like adherence to the TDS regulations are met; hence, the risk of legal implications and penalties are minimized.

Saves Time

By doing all the TDS returns multiple processes, it would be possible for you to focus solely on your core business thereby increasing productivity.

Reduces Errors

The handling by experts shall minimize the chances of your TDS returns getting errors and, consequently, will ensure complete accuracy and deliverables.

Keeps You Updated

We keep information on the updates of the latest tax laws and kind of compliance to make sure that your TDS filings are always compliant with the current rules.

Service Process

01

Data Collection

Collect the papers and other financial records needed for accurate TDS return preparation.

02

Challan and PAN Verification

Ensure all challans and PAN entries are accurate and linked correctly to avoid discrepancies during filing.

03

Data Verification

Review and check over the details collected to make sure they are accurate and complete.

04

Return Preparation

Construction of TDS return using the verified data, prescribed format, and guidelines.

05

Return Filing

Submit TDS return prepared to Income Tax Department within the applicable timeline.

06

Confirmation and Follow-up

Get acknowledgment of successful filing and clarify all issues/questions that arise thereafter.

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Service Process

Consultation

We will have a consultation regarding your business vision and requirements to decide on whether the private limited company fits you well.

Documentation

We will help you to do the paperwork involving preparation of the Memorandum of Association and Articles of Association.

Registration

We will then forward all the necessary documents to the Registrar of Companies as required for registration.

Support

We will always be here with you to offer assistance and advice so that you can efficiently run your private limited company.

Compliance:

We will assist you in maintaining a continuing compliance with all legal and regulatory standards.

Service Process

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Service Breakdown

Eligibility

Entities with TAN Registration: Possessing a valid Tax Deduction and Collection Account Number is mandatory for TDS activities.

Regular Payments Exceeding Thresholds: Making payments that surpass specified limits necessitates TDS deduction and return filing.

Compliance with Income Tax Act: Adherence to sections mandating TDS deduction is essential for eligible deductors.

Timely Tax Deposits: Ensuring TDS amounts are deposited within due dates is crucial for compliance.

Documents

TAN (Tax Deduction and Collection Account Number): Mandatory for businesses deducting tax at source.

PAN Details of Deductor and Deductee: Required to verify the entities involved in tax transactions.

Challan Details of TDS Paid: Payment receipts confirming the deposit of TDS with the government.

Salary and Payment Records: Supporting documents for tax deductions on employee salaries and vendor payments.

Form 16/16A: Certificates issued to employees or vendors, confirming tax deductions and filings.

Who Needs

Businesses with Employee Salaries: Organizations disbursing salaries are required to deduct TDS and file returns quarterly.

Firms Paying Contractors: Entities making payments to contractors must deduct TDS and comply with filing obligations.

Companies Paying Rent: Businesses paying rent above specified limits need to deduct TDS and file returns.

Individuals with High-Value Transactions: Persons involved in transactions like property purchases may be liable to deduct and file TDS.

Creating Trust-Driven Relationships

JR Compliance is one of the known name for BIS certification, they are well versed with processes
and guide client properly.

Kartik Shah

Published on 4 March 2024

We have outsourced the entire BIS certification responsibility of our panels to JR compliance since 2017 and their service so far has been
exemplary.

K Narayanan

Published on 4 March 2024

We have been using JR Compliance services since last 3 years on various BIS related registration & testing of our various IT & electronic products. We really appreciate your full-fledged & excellent support in all respect in this matter.

P N Dhawanjewar

Published on 4 March 2024

FAQ

Services

What is the reason to file TDS returns?

Filing of TDS returns includes making a quarterly submission of the deducted tax statement to the Income Tax Department to detail out the sums paid in various payments. That way, income tax department gets to know what has been deducted from payments in essence as well, making a more transparent route for collection and credit to deductees.

Who must file TDS returns?

All deductors, including individuals and entities deducting at source, like employers, contractors, and banks, among others, must prepare and file TDS returns. The payments for which such individuals are required to deduct tax at source include salaries, interests, rent, professional fees, etc., to ensure proper deduction and proper reporting.

What is the penalty for not filing a TDS return, or filing it late?

A certain fine of Rs. 200 per day will be imposed if a person fails to file the returns on or before the due date. The farther the deadline is exceeded, the more heightened the amount of interest rates and legal problems they may be fined for under the law. Hence, emphasizing on timely compliance.

Once submitted, can you make modifications to the TDS returns?

Yes you can, when after submission if there are any discrepancies noticed, you should file for the revised form of TDS to correct the mistakes. This is to cover all the requirements and rectify mistakes to ensure accurate records with Income Tax Department preventing penalties.

How can professional service assist in TDS return filing?

In filing the TDS return, professional service offers skillful handling of complex tax rules, ensures correct data management, and timely submission, eliminating the chances of errors and penalties.