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Process to file TDS
How we are different?
Import DataImport data from Excel and TDS files
Document VerificationAutomatically verify TAN and PAN
OLTAS LinkingImport data from Excel and TDS files
TDS ComputationAutomatically Calculate TDS
FVU SubmissionSubmit the return in FVU format
Form GenerationGenerate Form 16, 16A and with ease
Frequently Asked Questions
1. What is TDS?
TDS means Tax Deducted at Source. It is the amount deducted from payments of various kinds such as salary, contract payment, commission etc. This deducted amount can be adjusted against the tax due of the deductee.
2. Who is required to file TDS return?
It is the duty of the person who is making payment to someone for specified goods or services to deduct TDS and file TDS return. The specified payment includes salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. The person who deducts TDS is called deductor and the person whose tax is being deducted is called deductee. TDS is not required to be deducted by Individuals and HUF except for those whose accounts are required to be audited u/s 44AB i.e. whose gross receipts in preceding financial year in case of business is more than 2 crore (AY 2017-2018) or 1 crore ( AY 2016-2017) and in case of profession 50 lakhs ( AY 2017-2018) or 25 lakhs (AY 2016-2017).
3. What is TAN and is it required to file TDS return?
TAN is an alphanumeric 10 digit number required by a person who is liable to deduct TDS and file TDS return. Thus such person must make an application within a month of deducting TDS for allotment of Tax Deduction and Collection Number (TAN) in Form 49B. This number allotted is mandatory to mention in all TDS Certificates issued, returns, challans etc. If a person fails to apply for TAN he may be penalised up to Rs. 10,000/-.
4. Is PAN mandatory for deductors and employees/deductees?
PAN of the deductor has to be given by Non-Government deductors. It is essential to quote PAN of all deductees.
5. What are the due dates of submission of quarterly TDS Returns?
Due dates of submission of quarterly TDS Return is 31st July for Q1, 31st October for Q2, 31st January for Q3, and 31st May for last quarter.