Tax Deduction at Source (TDS)

What is TDS?

TDS is one of the technique of collection of taxes in which a person making or crediting payment to someone has to deduct a certain percentage of amount from that amount. TDS is like a prepaid tax which is paid to govt. in advance. TDS amount is deposited by the Deductors to govt. account by the 7th of following month in which such amount is deducted. Since TDS is deposited by the Deductors to govt. accountant on regular interval, it ensures regular inflow of cash resources to the Government.

Who is liable to deduct Tax at Source (TDS)?

Income Tax Act requires specified persons to deduct tax on particular types of payments being made by them. The list of such persons requiring making TDS is incorporated in TDS provision listed here. The following are the specified person who is liable to deduct TDS.

  • An Individuals or an H.U.F. is not liable to deduct TDS on such payment except where the individual or H.U.F. is carrying on a business/profession where accounts are enforce to be audited u/s 44AB, in the immediately preceding financial year.
  • A person is liable to get its accounts audited u/s 44AB if during the relevant financial year its gross sales, turnover or gross receipts exceeds Rs. 2 crore (Rs.60 Lacs for A.Y.2012-13) in case of a business, or Rs. 50 Lacs (Rs. 15 Lacs for A.Y. 2012-2013) in case of a profession.

TAX DEDUCTION AND COLLECTION ACCOUNT NUMBER (TAN)

TAN is an alpha numeric 10 digits number. Every person who is accountable to deduct tax at source must obtain TAN no. from the department in form no. 49B within one month from end of the month in which tax was deducted. TAN is needed to be mention on every transaction related to TDS. There is a penalty of Rs. 10000 on failure to apply TAN

Procedure to pay TDS

Due Date of deposit of Challan 281 and filling quarterly return of TDS

Every person who is accountable to deduct TDS shall deposit the TDS deducted by him by 7th of following month in which TDS is deducted however Due date of deposit of TDS for the month of March is 30th April

Due date of filling quarterly TDS return is 15th of the following month of each quarter however this date is 15th may in case of quarter ended march 20XX.

TDS Defaults

  • Failure to deduct whole or part of TDS
  • Failure to deposit whole or part of TDS
  • Failure to apply TAN within prescribed time
  • Failure to furnish various certificates/forms/return within prescribed time
  • Failure to mention PAN no. of the deductee
  • Variation between amounts mentioned in TDS return and amount as per TDS Challan u/s 281.

Penalties and Interest in case of non-filling/non-deduction and late deposit of TDS amount.

What Rajput Jain & Associates Offers

Do you looking for TDS Consultants in Delhi who can provide TDS return filling services; we offer TDS return filling services at affordable price, which meet the client's obligation and expectations completely. Rajput Jain & Associates provide total Solutions under one roof regarding preparing of E-TDS Returns & Electronic Furnishing of TDS returns & relevant consultancy work to our clients. We provide the details of following services:

  • We provide End-to-end Online Filing of e-TDS Forms 24, 26, 27 & 27A as per NSDL guidelines
  • New Payroll and database is created and Form 16/ 16A can be issued
  • Proper care is taken to wipe out all errors of data re-entry & validation issues ( As per NSDL the digital format can only be accepted when it is error proof )
  • Advisory Services.
  • Outsourcing of TDS work for salary and other than salary
  • TDS settlement
  • Assistance in all legal matters Related to compliance of TDS/TCS provisions
  • Assistance in claiming TDS refund.
  • Clearing of TDS defaults
  • Assistance in obtaining TAN no. u/s 203A
  • Computation of TDS u/s 192, maintenance of employees TDS declaration on behalf of company.
  • Generation of Form 16 & Form 12BA for individual Employees and 16A for other than employees
  • Assistance in regards to obtaining short deduction of TDS certificate u/s 197 of income tax act 1961
  • Preparation & Filling of Quarterly/Annual TDS Return of Salary (Form 24Q) and other than salary (Form 26Q) As per Income Tax Act 1961
  • Assistance in building operating procedure for TDS
  • TDS audit as per the requirement of client i.e. for salary and other than salary
  • Vendor reconciliation for TDS

Happy Customers

200+

Projects Completed

550+

Serving Since

2009

Contracts Signed

700+

Learning Center

Rajput Jain & Associates

India's Largest Business Services Platform

Private Limited Companies are those types of companies where minimum number of members is two and maximum number is two hundred. A private limited company has the limited liability of members but at the same time it has many characteristics as those of a partnership firm. A private limited company has all the advantages of partnership namely flexibility, greater capital combination of different and diversified abilities, etc., and at the same time it has advantages of limited liability, greater stability and legal entity. In this sense, a private limited company stands between partnership and widely owned public company. Identifying marks of a private limited company are name, number of members, shares, formation, management, directors and meetings, etc., The maximum number of directors shall have to be mentioned in the Articles of Association. In the grand of privileges and exemptions, the Companies Act has drawn a distinction between an independent private company and other private company which is a subsidiary to the other public company.

Download Company Profile

AITC (Association of Internation Tax Consultants)

We are the exclusive member in India of the Association of International Tax Consultants, an association of independent professional firms represented throughout Europe, US, Canada, South Africa, Australia and Asia.

AITC

Enquire Us

Please send us your query and we feel very happy helping you

Testimonials

  • Thank you very much for all your help in setting up my new company and clearing up all outstanding business in my sole trader accounts. For the first time in years I have peace of mind regards my business accounts. Your workforce are a credit to you, the girls at reception are so helpful and Chris has been brilliant. It is very much appreciated.

    A US consultancy group

  • Rajput Jain & Associates. are a tremendous value added to me as an executive and a busy parent. It just makes sense to delegate my tax file to them -- they are proactive, extremely service oriented, and most importantly, I am completely confident they are finding every dollar of tax savings available to me.

    A Leading Service Provider

  • We use Rajput Jain & Associates for all our accounting, Corporation tax, VAT and other compliance needs. The service is professional, courteous and prompt. I would recommend Rajput Jain & Associates to any company requiring a comprehensive accounting and tax service.

    A Leading Consultancy Firm in Dubai

Clients we are serving

​Just to name a few; we serve 300+ clients across the Globe

RJA Social Network

There is a Planty You Can Find...
Just follow our blog, facebook page and other social media profiles

Knowledge Zone

Publications

Publications

Press Releases

Press Releases

Newsletters

Newsletters

Archives

Archives

Photo Gallery

Photo Gallery

Our Videos

Our Videos

Legal Disclaimer--

The information contained on this website merely provides details of our firm to persons who have shown interest in knowing more about us and is not intended to solicit work or advertise our capabilities in any manner. The information provided on this website is general in nature and should not be used as a basis of decision-making without further professional advice. The third party site links are only provided for ready reference of the users and CA Rajput Jain & Associates neither controls their content nor undertakes any responsibility regarding them.

© 2016 Rajput Jain & Associates | All Rights Reserved