- Registration on TRACES
- Form 24Q Up to 100 employees (1 no.)
- Form 26Q upto 10 deductees (1 no.)
- Bulk PAN Verification
- Challan Verification
- Online FVU Generation and Submission
- Generation of Form 16 & 16A
Who Should Buy
- Any individual who is required to make a payment of salary or other specified payments and has to deduct TDS
- Any organisation such as corporate, partnership firm etc required to make salary or other specified payments after deduction of TDS
- Any branch of principal business office
Documents To Be Submitted
- Details of deductor
- Details of authorised person
- Details of deductee
- Challan details
- Deduction details
TDS, or Tax Deducted at Source, is a type of tax levied by the Indian government wherein taxes are collected on the basis of ‘pay as you get’. The taxes are deducted at the source of payments such as salary paid to an employee or other payments like commission earned by a broker, payments made to professional, technical services, interest, brokerage, commission etc.
The taxes are deducted by the employer before making the payment to employee and is deposited with the govt. The employer later issue form 16 to its employees and form 16B to other deductees which serves as a proof of tax payment in their hands.
Form 26Q is required to be submitted for TDS details on all payments other than salary on a quarterly basis by the deductor. Form 26Q is applicable for TDS deducted under section 200(3) of the Income Tax Act for TDS under sections 193 & 194 being interest on securities, Dividend securities, professional fees, directors’ remuneration etc.
In case you have not deposited TDS by the due date, the following penalties are applicable:
Late filing fee (if you do not file by the deadline)
Interest (if you do not deposit the TDS amount in time)
Penalty (if TDS is not filed within one year of the due date)
It is compulsory to quote the PAN for non-Government deductors whereas In the case of Government deductors, “PANNOTREQD” has to be mentioned on the form.
Revised return filing on account of incorrect information provided by the assessee during the original return filing shall not form part of the plan.