TDC, TCS & ITR Compliance Retainership Service in India

Ideal for Firm/LLP or Companies, looking to ensure ontime compliance from Tax Expert

  • Filing of Quarterly Return & Issue of Certificates
  • TDS Compliance on Foreign Remittance, Business ITR
  • Retainership Fee Starts @ Rs 20,000 + GST annually
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TDC, TCS & ITR Compliance Retainership Service in India

TDS / TCS / Business ITR Compliance at a glance

Tax Deducted at Source (TDS), Tax Collected at Source (TDS) and Business Income Tax Return (B-ITR) are 3 important Prime Direct Tax Compliance which every Firm/LLP/Company doing business in India has to comply and follow the Income Tax Act and Rules and Act regulating Tax Deduction on payment of certain specified expenditures namely Salary, Interest, Rent, Dividend, Commission, Brokerage, Professional Fee, Royalti, Compensation, Advertisement, Contract Works and Payment made to Non Resident/Foreign Companies. TDS deduction rate varies expenditure wise as mentioned in Sectins 192 to 196D of the Income Tax Act
Tax Collection at Source (TCS) - Under section 206C of the Income Tax Act, tax has to be collected at source on sale of Category A, B, C & D  goods ( namely Alcoholic Liquor, Timber, MInerals, Coal, Iron Ore, Parking Toll, Toll Plaza, Jewellery, Motor Vehicle Valued exceeds Rs 10 lakhs, etc.) 
 
NON COMPLIANCE of Tax deduction and/or Deposit shall attract Interest per month and Non Filing of Return attract per day penalty for each return and Prosecution ( Imprisonment). 

 

Non Compliance Impact on Income Tax Return and Tax Computation as filed.

Failure to deduct the amount of TDS to be deducted or has deducted the TDS but fails to pay the same, the entire amount that was deductible is disallowed u/s 40(a)(ia) for the purpose of computing income taxable income from Business. Therefore on such expenditure Income Tax assessing office charge Income Tax with Interest. 

 

NOW TDS on Purchase/Sale of Property -  Purchaser liable to deduct 1% TDS on sales consideration and Deposit with Government. Purchaser shall have to file return and Issue certificate to saler.

Benefits of TDS/TCS Compliance and ITR Filing on time

Save Penalty & Interest
Ontime filing of return, Payment of Tax within due date saves heavy penalty and Interest.
Safe from unforeseen Notice
Accuracy in Return filing, ontime compliances helps to keep your records updated with Income Tax department and keep you safe from unwanted Departmental notice.
Avoid any Demand
Accuracy in Return filing, proper compliances as per rules and legal provisions helps to minimise or avoid any Tax Demand on Assessment, which generally comes out due to mistakes in computation Tax or under deduction of Tax at source, etc.
Assessing Officer does not disqualify expenditure and Charge Tax if TDS complied.
Loss Carry forward
Current year's business loss as per Income Tax Act can be carried forward and setoff future income only if ITR file within the due date.

What are the various Compliances in TDS/TCS

  1. Get TAN ( Tax Deduction Account Number) from NSDL.
  2. Expenditure Scanning - Check to ensure TDS applicable or not. Avoid Under or over deduction.
  3. Payment ( monthly) of TDS/TCS within due date.
  4. Filing Quarterly Return within due date.
  5. Ensure All PAN of Deductee is available and correctly mention in the return.
  6. Issue TDS/TCS certificates.
  7. File 3CA/3CB in case of Foreign outward Remittance.
  8. Preserve Records - Maintain all TDS return filing acknowledgement copy, Return Copy, Payment challan, Ledger for few years, as which might be require lateron in case of assessment.

Our Pricing

New Company

For first year Compliance

Rs. 20000

Existing Company

Turnover below Rs 50 lakhs

Rs. 20000

Existing Company

Turnover Rs 50 lakhs - less than 1 Crores

Rs. 25000

Existing Company

Turnover Rs 1 Crores - less than 5 Crores

Rs. 30000

Existing Company

Turnover Rs 5 Crores - less than 10 Crores

Rs. 35000

Existing Company

Turnover More than Rs 10 Crores

Customise Fee

Our Retainership Service Package Inclusion

Review of Expenditures
Our Tax Consultant review your ledger and Expenditure on regular basis to ensure TDS applicability and deducted properly.
Tax Payment
We also compute make payment of TDS/TDC/Income Tax if you are unable to make payment.
Return Filing
Experienced Tax Consultant handle your TDS/TCS Return and Income Tax Return and file within due date
Issue of TDS/TCS Certificates
Issue of certificates within 15 days of filing return and send to you.
Advisory
Payment and compliances on Foreign outward remittances.

Penalty/Prosecutions on non Compliance of TDS/TCS

To be noted below and be cautious if you are liable to comply TDS on payment of Specified expenditure. 

  • Non Filing of TDS/TCS Return - Under Section 234E, Penalty Rs 200 per day per return subject to maximum Tax Amount of that Quarter.

  • Non Deposit or Short Deposit of TDS/TCS with Govt. after deduction - Interest @ 1.5% Per Month Under Section 201A.

  • Non Deduction or Short Deduction of TDS/TCS - Interest @ 1% Per Month Under Section 201A.

  • Imprisonment Under Section 276B - if any assessee who has deducted the tax at source and fails to pay the same within the time limit to the government, he may be punishable with rigorous imprisonment for a term not less than 3 months , but not more that 7 years including fine.

  • Penalty Under Section 271H - penalty of Rs 10,000 (which can go upto Rs 1,00,000) can be levied if the return is not filed within one year from the due date of filing return.

TDS Non Compliance Impact on Income Tax Return and Tax Computation filed.

Failure to deduct the amount of TDS to be deducted or has deducted the TDS but fails to pay the same, the entire amount that was deductible is disallowed u/s 40(a)(ia) for the purpose of computing income taxable income from Business. Therefore on such expenditure Income Tax assessing office charge Income Tax with Interest.

Some Important Key Points to Remember on TDS/TCS Compliances

TDS and TCS Return file Electronically which is prepared by using TDS software. 

TDS Return Filing Last Dates of FY 2018-19

  • Quarter Ended June, September and December - by last day of the following month ( e.g. for june Quarter , due date by 31st July)
  • Quarter Ended March - by 31st May

TCS Return Filing Last Dates of FY 2018-19

  • Quarter Ended June, September, December and March - by 15th of following month ( e.g. for june Quarter , due date by 15th July)
  • Quarter Ended March - by 15th May

Due date for TDS & TCS  Payment

  • TDS decucted and TCS collected for the month to be deposited with Govt every month within due date.
  • TDS/TCS payment due date for the month is 7th of following month ( e.g., For June Months TDS to be deposited by 7th July). except for the month of March, Payment to be made by 30th April.

TIme-line for Issue of TDS/TCS Certificates to Deductee

Form 16A ( Non Salaried) should be issued within 15 days from the due date for furnishing the statement of tax deducted at source.

Other Important Points to be noted

  • TDS @ 20% to be deducted if party ( Deductee) do not have PAN ( Permanent Account Number) or does not provide PAN. 
  • TDS not to be deducted on Service Tax/ GST on the bill value. 
  • TDS/TCS Deposited by filing online challan ( challan no 281) and remit through Net banking.
TDC, TCS & ITR Compliance Retainership Service in India
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