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TDS Return The government’s

TDS Return The government’s

The government’s TDS Scheme makes it mandatory for every taxpayer to file the TDS Return.The person who makes the payment is the one who deducts and deposits TDS with the government. This is usually done in the form of an Income tax challan (income tax fine) which goes in along with your payments.

TYPES OF RETURNS:

  • 24Q- Statement of TDS deducted from salaries
  • 26Q- Statement of TDS deducted from all payment except salaries
  • 27Q- Statement of TDS deducted from interest, dividend or any other sum payable to any Non- Resident
  • 27EQ- statement of TCS

DUE DATE FOR TYPES OF RETURN:

The due date for Non-government assesses:
  • Tax is to be deposited for months other than March – 7th of the next month.
  • Tax is to be deposited for the month of March – 30th April. For example, if the
  • TDS is to be deposited for the month of March 2017; the due date shall be April 30, 2017.
The due date for Government assesses:
  • Tax Deposited without challan – Same day
  • Tax deposited with challan – 7th of the next month.
  • Unlike for non-government assesses, in the case of government assesses, for the month of March also, the payment is to be made by 7th of the next month. Hence if the TDS is to be deposited for the month of April 2017, the due date shall be May 7, 2017.

PROCEDURE:
Challan281 is basically used for depositing Tax Deducted at Source and Tax Collected at Source by corporate as well as non-corporate entities. TDS  is a Procedure introduced by the Government in which the person or a deductor before making the payment of specified nature to the payee shall deduct tax at a specified percentage of such amount payable. TDS amount is deposit to the Income Tax Department.

DOCUMENTATION MAINTAINANCE:
  • PAN card/Pan Number
  • Tax payment challans (Self-assessment, advance tax, if you have deposited the same)
  • TDS certificates (if TDS has been deducted by other)
  • All Bank account information
  • In response to a notice received from Department of Income Tax – You need the details of Original return/details of notice.


BENEFITS:
  • Responsibility sharing for deductor and tax collection agencies.
  • Prevents tax evasion.
  • Widens the tax collection base.
  • A steady source of revenue for the government.
  • Easier for a deductee as tax gets automatically collected and deposited to the credit of the central government.


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