Provides advice & guidance to clients regarding their investments & manage their investment portfolios.
About Us
Vijay Kishan Financial Services Private Limited(VKFS) was incorporated in the year of 2019 with the vision of providing support, timely resolution, advising clients and fulfilling their requirements in the best possible way. We are offering a wide range of Professional services to clients across Pan India and abroad.
About Us
TDS Return
Vijaykishan Financial Services Private Limited
TDS Return
TDS (Tax Deducted at Source) is the tax withheld by the payer before making a payment to the payee when a transaction occurs. For example, your employer (Payer) deducts a portion as tax (TDS) from your salary before paying you (Payee).
The amount deducted is then deposited with the government on your behalf. This TDS will be offset with your final tax liability. Therefore, people cannot evade taxes as the government knows their income and financial transactions, and the tax they owe is accounted for.
The Diductor is responsible for filing the TDS return with the Income Tax (IT) department. TDS return is a quarterly statement that provides an overview of all TDS-related transactions made within that quarter. Generally, it includes information about the TDS amounts collected and deposited with the IT department. It is mandatory that the TDS returns are submitted on time by the diductors otherwise there is a Late Filing Fees of Rs 200 per day. Filing of TDS returns can be completed online. Once the TDS returns have been submitted online, the details will come up on the payee’s Form 26AS.
Who Needs to File TDS Returns?
According to the Income Tax Act, anyone who deducts or collects TDS or TCS must file their TDS or TCS return. If you're one of the following and have deducted TDS from payments, you must file a TDS return every quarter:
- Companies or Corporations
- Government Offices
- Individuals under section 44AB (if mandatory audit applies)
You must submit your TDS or TCS return on time as per the specified due dates. Failing to file the return on time may result in a penalty.
What are the different types of TDS Returns?
| Form No | Transactions Reported in the Return |
|---|---|
| Form 24Q | Quarterly statement for TDS deducted on Salary |
| Form 26Q | Quarterly statement for TDS deducted on payments other than Salary |
| Form 27Q | Quarterly statement for TDS deducted on payments to non-residents |
| Form 26QB | Challan cum TDS Return for reporting TDS on sale of property |
| Form 26QC | Challan cum TDS Return for reporting TDS on rent |
| Form 27EQ | TCS Return |
What is the due date for filling TDS Return every Quarter?
The TDS Return filing due dates for the financial year 2023-24 are:
| Quarter | Due Dates |
|---|---|
| Q1 – 1st April to 30th June | 31st July 2023 (Form 24Q and 26Q due dates was extended to 30th September 2023) |
| Q2 – 1st July to 30th September | 31st October 2023 |
| Q3 – 1st October to 31st December | 31st January 2024 |
| Q4 – 1st January to 31st March | 31st May 2024 |
Documents required for TDS Return Filling
- The dedicatee’s and diductor’s Permanent Account Number (PAN) details.
- Information on the TDS challan.
- Tax paid Challan that was paid to the government.
- Any other relevant information is needed.
Faq’s
Common Questions and Answers
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Can you provide guidance on the benefits and eligibility criteria for Start-Up India registration?
Start-Up India registration offers various benefits to eligible businesses, including tax exemptions, access to funding schemes, and eligibility for government tenders. Eligibility criteria include the age of the business and compliance with certain innovation and growth criteria.
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What is the significance of FSSAI registration for businesses in the food industry?
FSSAI registration is crucial for businesses in the food industry as it ensures compliance with food safety standards and regulations. It helps in building trust with consumers and regulatory authorities, thereby enhancing market credibility.
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Do you offer assistance with drafting and filing necessary documentation for tax exemption registrations?
Yes, we provide assistance with drafting and filing the necessary documentation for tax exemption registrations. Our experienced team will ensure that all required documents are accurately prepared and submitted to the relevant authorities.
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Can you provide ongoing support and assistance for compliance requirements post-registration?
Yes, we offer ongoing support and assistance for compliance requirements post-registration. Our team will keep you informed about any changes in regulations or compliance obligations and help you stay compliant with all applicable laws.
