Terms & Conditions
Deduction/Collection Obligation:
The client is responsible for providing timely and correct payment data for TDS/TCS deductions.
Deposit and Filing:
Kanoons shall assist in challan preparation and return filing, but final payment remittance responsibility lies with the client.
Penalty and Interest Liability:
Any penalties/interest for delay in deduction, deposit, or filing will be borne by the client.
Data Accuracy:
Responsibility for data accuracy and validation rests with the client. Kanoons is not liable for errors due to incorrect data.
Refund Policy:
No refund after service initiation and challan generation.
Legal Disclaimer:
Kanoons provides assistance only. Final compliance responsibility remains with the deductor/collector.
TDS Filings
Ensure Timely Deduction, Deposit, and Filing – Stay 100% Compliant with TDS/TCS Rules through Kanoons!
TDS (Tax Deducted at Source)
Mandatory deduction by payers on specified payments (Section 192-194Q)
- Applies to: Salaries, Rent, Professional Fees, Interest, etc.
- Rates: 1% to 30% based on nature & recipient
TCS (Tax Collected at Source)
Collection by sellers on certain goods/services (Section 206C)
- Applicable to: Scrap, Minerals, Overseas Remittances, etc.
- Rates: 0.1% to 5%
As per the Income Tax Act, 1961, businesses and individuals responsible for making specific payments (salary, contract payments, rent, etc.) or sales (scrap, tendu leaves, etc.) must deduct/collect tax, deposit it within due dates, and file quarterly returns.
Kanoons ensures full-cycle TDS & TCS compliance from deduction to return filing, minimizing penalties and notices from tax authorities.
Why Choose TDS/TCS Filing? (Advantages & Disadvantages)
Advantages:
- Smooth compliance and peace of mind
- Avoidance of heavy penalties and interests
- Proper reconciliation with Form 26AS
- Timely availability of TDS Certificates for deductees
- Improved credibility with vendors and authorities
Disadvantages:
- Regular monthly and quarterly compliance burden
- Risk of interest and penalties for missing deadlines
Who Should File a TDS/TCS?
- Employers deducting tax on salary payments
- Companies, LLPs, and Partnership Firms deducting TDS on contractors, professionals, rent, etc.
- Sellers of specified goods liable for TCS collection
- Buyers required to deduct TDS under Section 194Q
- E-commerce Operators for TDS/TCS under Section 194-O/206C(1H)
- Freelancers and consultants making sub-contractor payments.
Documents Required for TDS/TCS Filing
For TDS
- PAN of deductee
- Contract/agreement copies
- Payment proofs
For TCS
- Buyer/seller PAN
- Sale invoices
- GST details
TDS/TCS Filing Process (Step-by-Step)
1. TDS Management
- Deduction Planning
- Threshold verification
- Rate determination
- Monthly Payment (Challan 281)
- Due by 7th of next month
- Quarterly Returns
| Form | Purpose | Due Date |
|---|---|---|
| 24Q | Salaries | Oct 31/Jan 31/Apr 31/July 31 |
| 26Q | Non-Salary | Same as above |
| 27Q | NRI Payments | Same as above |
2. TCS Management
- Collection Tracking
- Monthly Payment (Challan 282)
- Quarterly Return (Form 27EQ)
Key Compliance Requirements
| Activity | Frequency | Deadline | Penalty |
|---|---|---|---|
| TDS Deposit | Monthly | 7th next month | 1.5% pm interest |
| TCS Deposit | Monthly | 7th next month | 1% pm interest |
| TDS Returns | Quarterly | 31st month-end | ₹200/day |
| TCS Returns | Quarterly | 31st month-end | ₹200/day |
| TDS Certificates | Annual | June 15 | ₹500/day |
Kanoons ensures a hassle-free, 100% online TDS/TCS Filing process!
What’s Included in Our TDS/TCS Filing Package?
- TDS / TCS Computation
- Monthly Challan Preparation
- Quarterly TDS/TCS Return Filing
- Correction Filing (if required)
- TDS Certificate Generation (Form 16/Form 16A)
- Support for TDS/TCS Notices
Post-Filing Compliances for TDS/TCS
✔ Timely deposit of TDS/TCS every month (generally by the 7th of next month)
✔ Quarterly TDS/TCS returns by due dates
✔ Issuance of Form 16 and Form 16A to employees/deductees.
✔ TAN maintenance and updating, if needed.
✔ Handling notices under Section 200A, 201, etc.
✔ Proper ledger reconciliation with Form 26AS/AIS.
Why Kanoons?
🌟 Analysis of transactions for correct applicability
🌟 Monthly reminders for TDS/TCS deduction and deposit
🌟 Precise computation and challan generation (Challan 281)
🌟 Preparation and Filing of Quarterly TDS/TCS Returns
🌟 Correction filing for any mismatch in TDS/TCS details
🌟 Generation and Distribution of TDS Certificates
🌟 24/7 support for tax notices and rectifications
Failure to meet TDS/TCS Filing obligations can result in severe consequences:
- Late Deduction/Collection: Interest at 1% per month.
- Late Payment to Government: Interest at 1.5% per month.
- Late Return Filing: ₹200 per day under Section 234E until maximum TDS amount.
- Penalty for Failure to Deduct/Collect: Equal to the amount not deducted/collected under Section 271C.
- Prosecution: Rigorous imprisonment for up to 7 years under serious defaults.
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FAQ
TDS / TCS Frequently Asked Question
Who needs to deduct TDS?
Any entity making specified payments like salary, contractor fees, rent, interest, etc., must deduct TDS.
What is the due date for TDS/TCS payment?
By the 7th of the next month (April payment by 30th April).
Is TAN registration mandatory for TDS/TCS?
Yes, TAN (Tax Deduction and Collection Account Number) is compulsory for compliance.
What happens if TDS return is not filed on time?
A late fee of ₹200/day and potential penalties under Section 271H may apply.
How can we issue Form 16/Form 16A?
After successful filing, Kanoons assists in generating and distributing these certificates.
Can corrections be made if wrong TDS details are filed?
Yes, Kanoons helps file correction statements (C1, C2, etc.) with NSDL.
Get Started Today!
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"Simplifying Law & Taxation – Your Compliance, Our Commitment."
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Kanoons.com, owned and operated by Kanoons Law & Tax Consultants Private Limited, is your trusted partner for taxation, legal compliance, and business registration across India. Whether you are an individual, a startup, or a growing enterprise, we provide expert guidance to navigate complex financial and regulatory landscapes seamlessly. From income tax filing, GST registration, and business incorporation to responding to legal notices, handling corporate audits, and trademark protection, we ensure a hassle-free experience.
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