About This Plan
This plan enables you to file your quarterly TDS returns related to all specified payments along with salary where TDS is required to be deducted and return is required to be filed via Form 24Q & 26Q without any hassles.
A delay in filing the returns attracts interest and penalty levied by the Tax Department, hence, it is important to pay TDS within due date and subsequent return filing is equally important.
Services Covered
- 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
How It's Done
- Purchase of plan
- FIll in the details in the template provided
- Upload documents on vault
- Return form prepared by Tax Expert
- Generation of Form 16 & 16A
Information Guide
Documents To Be Submitted
- Details of deductor
- Details of responsible person
- Details of deductee
- Challan details
- Deduction details
FAQs
- What is TDS in salary and other payment?
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.
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.
- What is form 26Q?
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.
- When is online return mandatory?
For certain people, it is compulsory to submit the quarterly return online. If the deductor is : A Government office A company’s principal officer Assessee who Is required to have their accounts audited for the prior year under 44AB of the Income Tax Act, 1961. If there are 20 or more records of deductees in a statement for any quarter of a particular financial year. ClearTax Experts will guide you on the same.
- Is their any interest and penalty for non or late filing of Form 24Q & Form 26Q?
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)
For more details: https://cleartax.in/tds/guides/tds-not-filed-on-time
- I need to deduct TDS returns for more than 10 vendors. Can you advise?
Our plan caters to filing TDS returns for up to 100 employees and up to 10 deductees. If your firm has more than 100 employees or 10 deductees, our representatives will advise you on the fees. Please submit your enquiry here or write to us at enquiries@cleartax.in
- Do all deductors require to quote their PAN?
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.
- Is revised return covered under the plan?
Revised return filing on account of incorrect information provided by the assessee during the original return filing shall not form part of the plan.