- The first step is to calculate the TDS liability of client and advice accordingly.
- Next step is to pay TDS monthly.
Tax Deducted at Source or TDS is a type of advance tax which is deducted from the earnings of an individual or an organization before the money is actually credited into that entity’s account. The government is able to generate revenues by implementing the provisions of TDS on the earnings of individuals as well as businesses.
“Tax Deducted at Source” implies that the payee or the employer deducts the tax before making a payment to the receiver. Tax Deducted at Source is applicable on income earned regularly and also on the income earned occasionally or irregularly. Thus, TDS is applicable on various incomes, including, but not limited to Salary, Commission, Rent, Professional Fees and Interest.The deductor is required to deposit the amount deducted with the Income Tax Department by 07th of following month.
TDS return filing is compulsory for all the assesses who fall under the tax slab as prescribed by the Income Tax Department. It is compulsory to e-file the TDS returns and it can be done through the official Income Tax e-filing portal.
Quarter | Period | Due Date |
---|---|---|
1st Quarter | 1st April – 30th June | 31st July |
2nd Quarter | 1st July – 30th September | 31st October |
3rd Quarter | 1st October – 31st December | 31st January |
4th Quarter | 1st January – 31st March | 31st May |
our expert reaches to you and understands your requirement, calculate your TDS liability and advice accordingly.
We will keep reminding you about monthly payment of TDS.
We will collect and prepare the required return for submission with the department.
We will file the return online on the portal.
Form | Applicability |
---|---|
Form 24Q | Quarterly statement for TDS from "Salaries" |
Form 26Q | Quarterly statement of TDS in respect of all payments other than “Salaries” |
Form 26QB | Quarterly statement of TDS in respect of transfer of an immovable property |
Form 27Q | Quarterly statement of TDS from interest, dividend, or any other sum payments to non-residents |
Form 27EQ | Quarterly statement of collection of tax at source |