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TDS Returns Revision

Revise

TDS Returns

Got TDS Notice from Income Tax Department? File Correction TDS Returns now. Prices starting at INR 1599/-.

 
 
 
 
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TDS Returns Revision

All you need to know

TDS Return is required to be filed by any person who is liable to deduct tax at source.  A TDS Return is a quarterly statement which has to be submitted to the Income Tax Department of India. Submitting TDS Return is mandatory if you are a deductor. It should contain all details of TDS deducted and deposited by you for a particular quarter.

You may need to file TDS correction or TDS revision if you have wrongly shown any details in original TDS Returns. Such mistakes can be wrong PAN, wrong date, or short or no tax deduction. In all such cases, in order to ensure seamless credit to the person whose TDS is deducted, you should revise your TDS Return.

You may also need to revise your TDS return if you have short paid any TDS and received any notice from income tax department. It should be noted that only by paying short deducted TDS, your work is not over. This has to be given effect through a correctly filed TDS statement.

TDS return may be corrected as many times as needed. There is no due date by which a TDS return has to be revised. Hence, as soon as an error is discovered, you should file a correction return.

Thinkbiz Filings is an eminent business platform and a progressive concept, which helps end-to-end incorporation, compliance, advisory, and management consultancy services to clients in India and abroad. Filing TDS Return Revision is easy, seamless, error-free, cheapest and quickest with Thinkbiz Filings ! You may get in touch with our compliance manager  on 09704561215or email info@Thinkbizfilings.com  for for free consultation.

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Compliance Requirements for a Partnership Firm

Income Tax Return

    Partnership firms must file annual tax returns. The due date is 31st July for non-audit cases and 30th September for audited firms. Timely filing ensures compliance, avoids penalties, and maintains legal standing.

    GST Compliances

      Partnership firms must register for GST if turnover exceeds the prescribed threshold. Regular GST return filing is mandatory to ensure compliance, avoid penalties, and maintain smooth business operations under GST laws.

      TDS Compliance

        Partnership firms must deduct and deposit Tax Deducted at Source (TDS) if liable under the Income Tax Act. Timely filing of TDS returns ensures compliance, avoids penalties, and maintains smooth financial operations.

        Accounting

          firms must maintain proper books of accounts reflecting an accurate and fair view of financial affairs. Each partner’s capital, withdrawals and profit share should be recorded separately to ensure transparency

          Tax Audit (if applicable)

            Required for partnership firms if business turnover exceeds ₹1 Cr or professional receipts surpass ₹50 Lakh under Section 44AB, ensuring regulatory compliance and accurate financial reporting.

            Firm Updates

              Partnerships must file updates on any changes in firm structure, such as partner additions, removals, or modifications to the partnership deed, ensuring legal compliance and transparency.

              Documents Required for Partnership Firms

              Quick Checklist

              • PAN card of all partners of the firm.
              • Aadhaar/Passport/Voter ID/Driving License of all partners.
              • Latest utility bill, rent agreement, or ownership proof of the firm’s office.
              • Latest bank statements of partners.
              • Recent photos of all partners.

              Key Benefits of a Partnership Firm

              Points to make your decision easy

              Ease of Formation

                Partnership firms have a straightforward registration process with minimal legal formalities, making them easy and cost-effective to establish.

                Tax Benefits

                  Partnership firms avoid double taxation, as profits are taxed only at the firm’s level and not again in the hands of partners, ensuring tax efficiency.

                  Lower Compliance

                    Partnership have fewer regulatory requirements and legal formalities compared to corporations, reducing administrative burdens and operational costs.

                    Decision-Making

                      Partnership firms enable quick decisions without extensive regulatory approvals, allowing for agile business operations and faster implementation of strategies.

                      Profit Sharing

                        Partners can distribute profits as per the agreed ratio in the partnership deed, allowing flexibility and mutual benefit in financial management.

                        No Minimum Capital

                          Partnership firms have no minimum capital requirement and can be registered even with Rs. 10,000 as total capital, providing flexibility in business setup.

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                          FAQs On TDS Returns Revision
                          Get answers to all your queries
                          • A TDS return revision is the process of correcting errors or updating details in a previously filed TDS return.
                          • You should revise your TDS return in case of: ✅ Incorrect PAN details of deductees ✅ Errors in TDS amount or tax deposit details ✅ Incorrect challan details ✅ Mistakes in deductor details (like TAN, name, etc.)
                          • Steps to Revise TDS Return: 1️⃣ Download the Consolidated File (Conso File) from the TRACES portal. 2️⃣ Use TDS filing software (e.g., RPU, ClearTDS, etc.) to make corrections. 3️⃣ Validate the revised file using FVU (File Validation Utility). 4️⃣ Submit the revised return on the TIN-FC portal or NSDL website.
                          • No, there is no time limit for revising a TDS return. However, it is advisable to correct errors before the financial year-end to avoid penalties.
                          • No, there is no fee for revising a TDS return. However, if there was a delay in filing, late fees under Section 234E may apply.
                          • Yes, a TDS return can be revised multiple times until all errors are corrected.
                          • A revised TDS return is usually processed within 7-15 days after submission.
                          • 📌 If you don’t correct errors, the return may be marked as defective, leading to: ❌ Penalties under Section 201A ❌ Non-reflection of TDS credits in deductees' Form 26AS
                          • You can check the revised TDS return status on the NSDL or TRACES portal using your TAN and acknowledgment number.
                          • 📌 Yes, it can be rejected due to: ❌ Incorrect challan details ❌ PAN mismatch ❌ Invalid file format
                          • Don’t worry!! Our expert will help you to choose the best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at info@thinkbizfiling.com or call us @+91 970 456 1215

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