Popular reasons for shifting out from outsourcing to preparing TDS Returns in-house

Popular reasons for shifting out from outsourcing to preparing TDS Returns in-house:

Based on a sample survey of around 100 organizations that shifted out of outsourcing, some of the popular cited reasons included the following:

  • Receiving a number of Default Notices for earlier filed Returns
  • On receiving Default Notices, low priority by the agency for its rectification
  • Little time to check data before filing Returns lead to errors that was easily avoidable
  • Careless data entry errors is leading to Defaults
  • Lack of coordination leads to delayed filing at times
  • Much easier, faster and hassle-free doing it yourself

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Tips to avoid Defaults in TDS Returns

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Tips to avoid Defaults in TDS Returns

§  Make sure taxes are deducted on time and at correct deduction rates /amount. The applicable section under which the deduction falls should be correctly applied.

§  Tax needs to be deducted either when payment is made or when amount is credited, whichever is earlier. It implies that tax needs to be deducted on the same day when advance payments are made. Late deduction is a default and will attract interest.

§  Taxes deducted during the course of the month, should be deposited on time. Typically it is by 7th of the following month. The only exception is that for deductions in March, it needs to be deposited by 30th April.

§  TDS Returns needs to be filed on completion of each quarter. Returns for Salary & Non-Salary TDS is to be filed separately in Form 24Q & Form 26Q respectively.

§  Use a proper TDS Return preparing software / tool that helps in predicting possible errors / defaults. This would prevent unnecessary hassles later.

§  Make sure TDS Returns are filed on time to avoid penalty on delayed filing. Typically, TDS Returns are to be filed by the end of the month following the quarter. Returns for March quarter is to be filed by 31st May.


Basic Principles of TDS Compliance

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The Basic principles of TDS compliance are as follows

  1. Deduction of tax at correct rates at right time
  2. TDS needs to be deposited timely every month
  3. Correct reporting of the deduction/collection made
  4. Filing of the quarterly TDS return on time
  5. Issue of TDS certificates within stipulated time

Due Dates for the month of July 2017

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All tax deductions for June 2017 need to be deposited latest by 7th July 2017

Filing of TDS Returns for the quarter ended June 2017 (FY:2017-18 Quarter 1) is already under way since 1st July and the last date is 31st July 2017

Last date for filing TCS return is 15th July

Last date  for issuance of TCS certificate 30th July