Outsourced TDS / TCS Compliance

Tax deduction at source is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government account.

1 

Steps taken in filling TDS Returns 

  • Information Collection

  • Information compilation and Processing

  • Reviewing Draft

  • Filling Return

2

Applicability on Individuals

  • Payment of Rent exceeding 50,000 in a month

  • Purchase of Property

3

Applicability on Businesses

  • Salary (Exceeding Taxable Threshold Limit)

  • Rent (Exceeding 2.4 Lacs in a Year)

  • Payment to Contractors

  • Payment to Professionals

  • Interest other than interest paid to banks

  • Dividend

4

Due Dates for deposit of Tax

  • April to February: 7th of the following month

  • March: 30th of April

  • Interest on late deposit: 1.5% per month including the month when the same was supposed to be deducted

5

Due date to file TDS Returns

  • April to June: 31st July

  • July to Sep: 31st October

  • October to Dec: 31st January

  • Jan to March: 31st May