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.


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

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Rajput Jain & Associates

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Rajput Jain and associates is the largest online service platform in India which provides easy solutions in starting their new business at affordable cost. We aim at helping the entrepreneurs at every legal and regulatory step. We stay as your partner during entire business cycle and ensure that the business keeps prospering and remains complaint.

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