Our Services

What is TDS Filing?

Tax Deducted at Source (TDS) is a mechanism introduced by the Income Tax Department where the payer deducts a portion of the payment as tax and remits it directly to the government on behalf of the payee. TDS is applicable on various types of income such as salaries, interest, commission, rent, professional fees, etc. TDS filing refers to the submission of the details of tax deductions made by the payer to the Income Tax Department. TDS returns are filed quarterly by the deductor, providing details such as the PAN of the deductee, amount paid, TDS deducted, and deposited.

Who is Required to File TDS Returns?

The following entities are required to file TDS returns:

• Companies: Companies that make payments such as salaries, interest, or dividends, and are required to deduct TDS.
• Partnership Firms: Firms that make payments to vendors, professionals, and contractors.
• Individuals and HUFs: Individuals and Hindu Undivided Families (HUF) are required to deduct TDS if their accounts are audited under the Income Tax Act.
• Government Entities: Government departments making payments subject to TDS.

Types of TDS Returns

Different forms are used to file TDS returns depending on the nature of the payment:

• Form 24Q: TDS on salaries, filed quarterly by employers.
• Form 26Q: TDS on payments other than salaries, such as professional fees, interest, rent, and contracts.
• Form 27Q: TDS on payments made to non-residents including foreign companies.
• Form 27EQ: TCS (Tax Collected at Source) return for tax collected on the sale of goods and services.

Documents Required for TDS Filing

To file TDS returns, the following documents are required:

• PAN of both the deductor and deductee.
• TAN (Tax Deduction and Collection Account Number) of the deductor.
• Details of payments made to deductees.
• Challan details of tax deposited to the government.
• TDS statements (if applicable).
• Form 16/16A (issued to employees or contractors).

Benefits of Filing TDS on Time

Filing TDS returns on time provides several benefits, including:

• Avoidance of Penalties: Failure to file TDS returns on time may result in penalties under Section 234E of the Income Tax Act.
• Legal Compliance: Timely filing ensures compliance with the tax laws and reduces the risk of legal scrutiny.
• Claiming Credit: Deductees can claim credit for the TDS deducted when they file their income tax returns.
• Avoid Interest: Late payment or failure to deduct TDS may attract interest under Section 201A.

Penalties for Non-Filing or Late Filing of TDS Returns

If TDS returns are not filed on time or are filed incorrectly, the following penalties may apply:

• Late Filing Fee: A fee of ₹200 per day for each day of delay until the return is filed.
• Interest on Late Payment: Interest at the rate of 1% per month or part of a month for failure to deduct TDS and 1.5% for failure to deposit TDS on time.
• Penalty for Incorrect Filing: A penalty ranging from ₹10,000 to ₹1,00,000 for furnishing incorrect details or failure to file the return.

How WeIncept Helps with TDS Filing

At WeIncept, we provide comprehensive assistance to ensure accurate and timely TDS filing:

• Data Collection: We collect all the necessary information from you regarding payments, deductions, and deposit details.
• Preparation of TDS Returns: Our experts prepare the TDS returns based on the collected data, ensuring compliance with tax regulations.
• Online Filing: We e-file the TDS returns with the Income Tax Department within the stipulated time frame.
• Challan Verification: We verify the tax deposited with the government through challan to ensure no discrepancies.
• Form 16/16A Issuance: We assist in generating Form 16/16A, which is issued to employees and contractors as proof of TDS deducted.
• Correction Services: If there are any errors or discrepancies, we help in filing corrections for previously filed returns.

Why Choose WeIncept for TDS Filing?

WeIncept offers professional TDS filing services to ensure compliance and avoid penalties:

• Expert Assistance: Our team of tax experts provides end-to-end support, from data collection to TDS filing and issuance of Form 16/16A.
• Timely Filing: We ensure that your TDS returns are filed within the due dates to avoid any penalties.
• Error-Free Returns: We ensure accurate returns by meticulously checking the data before submission.
• Affordable Pricing: We offer cost-effective TDS filing solutions to businesses of all sizes.
• Hassle-Free Service: Our process is designed to provide you with a seamless experience, saving you time and effort.

Stay Compliant with WeIncept’s TDS Filing Services

Filing TDS returns on time is crucial for every business to stay compliant and avoid penalties. Let WeIncept handle all your TDS filing needs, ensuring accuracy and peace of mind. Contact us today for expert assistance with your TDS returns.