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TDS Returns

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TDS Returns

Quickly file error-free TDS Returns with Thinkbiz Filings This ensures seamless credit to the deductee. Prices Starting INR 599/-.

 
 
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TDS Returns Filing

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.

The first requirement for filing a TDS Return is to obtain a valid TAN (Tax deduction account number). You need to assess if you are required to deduct TDS on which payments. Usually, all types of payments such as Salaries, Interest, Professional Fees, Payment to Contractors, Rent of Machinery, Rent of Building etc are covered under liable payments.  There are prescribed rates for every type of TDS payments under the income tax act 1961.
 

That means if you were liable to pay TDS at the rate of 10% 

Informative read: TDS rate Chart for FY 2021-22.

Types TDS return forms:

TDS return Form 24Q: Statement for tax deducted at source from salaries

TDS return Form 26Q: Statement for tax deducted at source on all payments other than salaries.

TDS return Form 27Q: Statement for tax deduction on income received from interest, dividends, or any other sum payable to non residents.

TDS return Form 27EQ: Statement of collection of tax at source.

So If you are a deductor and has made payments to resident Indians with regards to any of above, you should file Form 24Q (TDS on salary payments) and Form 26Q (TDS on payments other than salaries) on a quarterly basis. If you have made any payments to non-residents, you are required to file Form 27Q on a quarterly basis.

Form 16A and Form 16 (TDS Certificates) can only be generated if you have correctly filed your TDS Returns.

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 Returns is easy, seamless, cheapest and quickest with Thinkbiz Filings! Apart from TDS returns, Thinkbiz Filings also helps you to file GST Returns, Income Tax Returns, PF Return and ESI Returns easily. You may get in touch with Thinkbiz Filings compliance manager on 09704561215or email info@Thinkbizfilings.com  for for free consultation.

Our Pricing
599/-
(all inclusive)

BASIC

  • One TDS Return upto 10 entries
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Our Pricing
7,999/-
(all inclusive)

OPTIMAL

  • TDS Returns for 1st Quarter
  • TDS Returns for 2nd Quarter
  • TDS Returns for 3rd Quarter
  • TDS Returns for 4th Quarter
  • Form 24Q, 26Q and 27Q (as applicable) upto 100 entries for 1 Year
  • Form 16A on a quarterly basis
  • Form 16 on an annual basis for upto 100 employees
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Our Pricing
9,999/-
(all inclusive)

ULTIMATE

  • TDS Returns for 1st Quarter
  • TDS Returns for 2nd Quarter
  • TDS Returns for 3rd Quarter
  • TDS Returns for 4th Quarter
  • Form 24Q, 26Q and 27Q (as applicable) upto 500 entries for 1 Year
  • Form 16A on a quarterly basis
  • Form 16 on an annual basis for upto 500 employees
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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
                          Get answers to all your queries
                          What is TDS?
                          • Tax Deducted at Source (TDS) is a mechanism where tax is deducted at the time of payment and deposited with the government by the deductor (employer, business, or individual making the payment).
                          Who is required to file TDS returns?
                          • Any individual, company, or business entity that deducts TDS from payments like salaries, rent, professional fees, contractor payments, etc. must file TDS returns.
                          What are the different types of TDS return forms?
                          • Form 24Q – For TDS on salaries Form 26Q – For TDS on non-salary payments Form 27Q – For TDS on payments to non-residents Form 27EQ – For TCS (Tax Collected at Source)
                          What are the due dates for TDS return filing?
                          • TDS returns must be filed quarterly as per the following schedule: Q1 (April - June): July 31 Q2 (July - September): October 31 Q3 (October - December): January 31 Q4 (January - March): May 31
                          What is the penalty for late filing of TDS returns?
                          • Late filing fee of ₹200 per day under Section 234E (max up to TDS amount). Penalty ranging from ₹10,000 to ₹1,00,000 under Section 271H if TDS is not deposited.
                          How can TDS returns be filed?
                          • TDS returns can be filed online through the TRACES portal (www.tdscpc.gov.in) or via the Income Tax Department website.
                          What documents are required for TDS return filing?
                          • TAN (Tax Deduction Account Number) of the deductor PAN details of deductor and deductees Challan details of tax deposited TDS deductions details (payment type, amount, date, etc.)
                          How can I check TDS return status?
                          • You can check the TDS return status on the TRACES portal by entering the TAN & acknowledgment number.
                          What happens if TDS is deducted but not deposited?
                          • The employer/deductor will be liable for: Interest at 1.5% per month on the deducted amount. Penalty and prosecution in severe cases.
                          Can TDS returns be revised?
                          • Yes, TDS returns can be revised if errors are found in PAN details, amount deducted, or challan details. The revised return must be filed online.
                          Have some queries?
                          • 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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