TDS Return Filing

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TDS Return Filing

TDS Return Filing

Paying taxes is the duty of most citizens. Over the years, policy changes and new governments have come to power, and the change in tax slabs make it difficult for the taxpayer to keep up with the changes incorporated. Filing taxes and TDS return filing require several procedures.

However, taxing has become complicated over time, and you will need to get a tax consultant’s help for this matter. You can now avail of the best convenient TDS return filing services and have years of expertise to help you deal with the current rules and regulations that have come into practice when filing returns.

And how to obtain the tax deductions for your account. We know all the tax laws and help you when you receive the Income Tax notice and reply accordingly. Our job is to keep your taxation process comfortable and process it without worrying at all.

For those unaware of TDS, let us delve into knowing what it means and why a taxpayer must file TDS returns. Lex N Tax provides Best TDS return filing services in Delhi.

TDS – Your taxes get deducted at the source of your income. The deduction occurs when the money gets credited to the payee’s account or at the time of payment. Whichever is earlier. This rule applies to transactions. However, the deduction requirement for salaries and insurance policies at the time of payment itself; is usually 10% in the range of deduction.

TDS Return Filing Services

TDS Return Filing is a filing of a quarterly statement to the tax authorities that the taxpayers need to submit to avail of TDS returns on time. The taxpayer must submit the relevant details and documents while filing for TDS returns. Both the deductor and deductee need to submit their PAnformation regarding TDS challan

  • Other details mentioned in the form

However, salaried individuals need not apply for a TAN number. Though businesses and proprietorships and other entities who employ and pay salaries etc. They can make the deduction at the source using a TAN number. Lex N Tax can help you do the TAN registrations. Getting your accounting in order and filing for tax returns now is easily done for you, taking the help of the Best TDS return filing service team. Our firm has qualified tax experts who have a fair knowledge of different sectors and their needs. Lex N Tax help businesses and individuals file taxes and help keep track of their accounts, Lex N Tax Associates is known for the Best TDS return filing services in Delhi NCR.

Lex N Tax Associates help you fulfilling the TAN requirements

  • If the salaries, payment of rent, etc., exceed Rs2,40,000 p.a., It will need a TAN registration
  • Those with a valid TAN number have permission to file for the quarterly TDS returns

Relatively unknown points regarding proper accounting and business planning need a well-trained tax professional that we provide help for computing and filing TDS returns and complying with the TDS regulations. Our job is to oversee timely tax returns and maintain the accounts. The financial health of the business is the primary concern that we take over by recording and looking into the income and tax returns of the owner

 Who are eligible for filing TDS Return

  • Organizations/employers having a valid TAN number. They need to deduct the tax at the source and deposit within the stipulated time as per the Income-tax act.
  • Those who are receiving salary payments.
  • When you receive income on securities.
  • Money earned through lotteries, puzzles, etc.
  • Money won in horseraces.
  • Commissions received through insurance
  • The payment got from National Savings Scheme and others.

What is TDS return filing due date?

Here is TDS return filing due date for fy 2022-23

  • First quarter- 1st April to 30th June- last date 31st July
  • Second quarter- 1st July to 30th September – last date 31st October
  • Third quarter- 1st October to 31st December- last date 31st January
  • Fourth quarter- 1st January to 31st March – last date 31st May  

Our accounting experts have a broad reach and know that construction companies face challenges when dealing with their accounts. We not only improve your operational efficiency, however, by assisting in TDS returns filing services. Our professionals know your business’s needs; hence we can advise on better cash flow management and increase profitability. Taxing experts from our side ensure that we help make financial reports and construction audits required for mergers and acquisitions. Lex N Tax  Associates provides Best TDS return filing services in Delhi NCR.

How to file TDS Return?

Here is process of TDS return filing

  • If filling out form 27 A online, mention all the details required in the columns provided. If you happen to fill out the hard copy, a verified -ETDS returns filed electronically.
  • The accurate mention of the amount of tax deducted at the source and the total amount paid.
  • The accurate mention of TAN of the said organization and incorrect numbers can create verification issues.
  • The accuracy of the TDS Challan number is important. Mentioning the mode of payment and other tax details required for authentication. Any mismatch, the taxpayer must file for TDS again.
  • The basic form filled out in e-TDS using a 7-digit BSR code would help maintain consistency.
  • If the taxpayer is submitting the hard copy, it needs should mention TIN FC, which NSDL handles the process.
  • After verifying the taxpayer’s details, a token number and provisional receipt are provided to acknowledge returns filed.
  • Suppose the filing gets rejected for some reason. The reason gets mentioned in the memo for non-acceptance, The taxpayer has to file TDS returns once again.

What is TDS Challan?

A specified form that gets used when you file for TDS and TCS (tax collected at the source) to the government. These TDS challans came into practice in 2004 to avoid human errors and bring on the digital transactions possible for tax deposit, collection, and TDS refund as well. Using a TDS Challan, a taxpayer can make aforementioned payments like salary, rent, commission, interest, etc., accountable for deduction of a specified amount before paying the payee. It is part of the Documents for TDS Returns that every taxpayer has to submit before availing of the returns.

Types of TDS Challans

  • Depositing income tax- TDS challan 280
  • TDS &TCS- TDS 281 challan
  • Depositing gift tax, wealth tax, security tax, etc.- TDS challan 282

Our advisory extends to strategic planning and accounting services, enabling you to fill up the several types of TDS challans in matters relating to filing tax returns. Our professionals are aware of the tax laws they have to operate so that the taxpayers can save their invaluable time and money in their ventures and not worry about those taxing concerns anymore. We work out tax plans, especially for our clients, so that your investments, income earned, and risks taken don’t go waste. We work on the new rules and ensure your tax filing and TDS returns get collected. Our job is to improve your business so that it runs smoothly.

Online compliance of TDS Challan 281

There are specified timelines when the taxpayers have to deposit TDS challan 281

  • Payments (excluding property purchase)- TDS challan on the 7th of every subsequent month
  • Property purchase-TDS challan on 30th of every subsequent month

Issuing of TDS challan 281is on March-April 30th. Suppose the taxpayer delays in payment, 1.5% get charged every month.

Types of single copy challans introduced to east the process

  • Single copy TDS challan no. ITNS 280 – income tax, wealth tax, corporation tax.
  • Single copy TDS challan no. ITNS 281 – deposition of TDS from corporates and non-corporates.
  • Single copy TDS challan no. ITNS 282 – includes payment for estate duty, expenditure tax, gift tax, and similar miscellaneous taxes.
  • Single copy TDS Challan no. ITNS 283 – payments for Fringe Benefits tax and Banking Cash Transaction Tax.
  • Single copy TDS Challan no. ITNS 286 – payments under declaration of income.
  • Single copy TDS Challan no. ITNS 287 – includes payments under (PMGKY) Pradhan Mantri Garib Kalyan Yojana.
  • After depositing their TDS challan, every individual gets a duly stamped Challan Identification Number (CIN) as an acknowledgment.

As tax experts, we look into various financial issues and know how to solve issues that need meticulous planning minutely. We work on details for a strategic plan for TDS returns filing. Knowing how to capitalize on your strength and work on easy and quick filing to get the refunds when you need them. We care to see the important deductions you can avail of and use the business’s applicable provisions. Our expertise includes financial statuses, profitability, and taxes of the businesses or services. We even provide professional services that include taxing and accounting, which include various business and service-based industries, Best TDS Return filing Services in Delhi at Lex N Tax Associates.

Why Choose Lex N Tax Associates?

  • We put together a solid response for the various notices. Moreover, other forms of communication that you are likely to receive when you file a TDS Return.
  • We ensure that all your filing of TDS Returns is on time with accuracy in documents that needs submission.
  • Responding to the summons and the formality of appearing in front of the authorities with our team’s help.
  • We work on representing clients for all the matters relating to TDS Return.
  • Our firm also gives support services when the client is contesting disputed refund claims. Our major task will be to get your TDS Return.
  • For clients who still have been stuck with handling the old tax regime, we provide tax assessment assistance. Especially whose taxes stuck under those erstwhile laws that regulated them.
  • Lex N Tax Associates always ready to solve your doubts regarding TDS Filing, TDS Returns Filing Process, TDS Returns Filing due date, and TDS Returns Filing Services in Delhi NCR.
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