RBM it’s not a name.
– It’s a BRAND of E-TDS filings, one of the Hyderabad’s Top 5 firm/Consultants.
Experts in TDS Return Filling: TDS stands for tax deducted at source.
This idea has come into being in order to fulfill the daily tax inflow of the Country. In the TDS case, tax is withheld from such particular expenses and this deferred tax is eventually deposited with the Government on a regular basis.
For deducting tax, a person has to obtain TAN or Tax Deduction and Collection Number, a 10-digit alpha number (Example HYDS12345A, Hyd Means Hyderabad, S Means first letter of your company name with 5 Numerics and last alphabet letter). Individuals who are employers are not allowed to receive a TAN or a deductible tax at source. However, a proprietorship business (which are required to be tax audited) and other entities (i.e., Private Limited Company, LLP, etc.,) must deduct tax at source while making certain payment like salary, payments to contractor or subcontractors, payment of rent etc.
Those entities have TAN Registration must then file TDS returns. TDS returns are due quarterly. RBMETDS can help you file e file your TDS returns online. Our TDS specialists will help you determine your TDS fees and submit a TDS report to hold you in line with TDS regulations. Using Informed to find out all about the due dates for TDS return filing deadline and TDS bill due date.
Due Date for Filing TDS Returns FY 2023-2024
| Quarter | Quarter Period | Due Date |
|---|---|---|
| 1 st Quarter | April – June | 31-July |
| 2 nd Quarter | July – Sep | 31-Oct |
| 3 rd Quarter | Oct – Dec | 31-Jan |
| 4 th Quarter | Jan – Mar | 31-May |
Interest for failure to deduct tax at source/delay in payment of TDS
As per section 201, if any person who is liable to deduct tax at source does not deduct it or after so deducting fails to pay, the whole or any part of the tax to the credit of the Government, then, such person, shall be liable to pay simple interest as given below:
Interest shall be levied at 1% for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax was deducted.
Interest shall be levied at 1.5% for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax was actually remitted to the credit of the Government.
In other words, interest will be levied at 1% for every month or part of a month for delay in deduction and at 1.5% for every month or part of a month for delay in remittance after deduction.
FORMS:
Form 24Q – The quarterly statement for tax deducted at source (TDS) from “Salaries.”
Form 26Q -The quarterly statement for tax deducted at source in respect of all payments except ‘salaries.’ (Non-Salaries)
Form 27Q – Quarterly statement of deduction of tax from interest, dividend, or other sum payable to non-residents or foreign companies.
Form 26QB – Statement of TDS deducted against the payment made for immovable property.
Form 26QC- It is a challan cum statement of deduction of tax u/s 194-IB against the tax deducted on the rent of the property.
Form 27EQ – Quarterly statement of collection of tax at source (TCS)
| Form no. 16A | TDS from other than Salary | Quarterly |
| Form No. 16B | TDS u/s 194-IA | |
| Form No. 16C | TDS u/s 194-IB | |
| Form No. 27D | Certificate for TCS return | Quarterly |
| TBR | Transaction Based Report | Quarterly |