TDS Return Filing in Bangalore

TDS Return Filing in Bangalore – TDS( Tax Deducted at Source) filling helps ensure that the taxes are collected at the source of income while reducing the burden of lump-sum payments at the end of the financial year. Bangalore is referred to as India’s Silicon Valley which is known as a hub of a dynamic ecosystem of businesses ranging from multinational corporations to startups and SMEs.

TDS return filling is prominent in maintaining financial discipline and transparency in the business sector. The increasing number of enterprises in Bangalore has driven a growing demand for TDS compliance services. Proper TDS filing offers smoother financial audits and minimizes disputes with the Income Tax Department which is important for sustainable and long-term growth.

Procedure for TDS Return Filing in Bangalore

TDS return filing in Bangalore is a prominent aspect of tax compliance for businesses and organizations operating in the city’s economic system. Most multinational corporations, startups, businesses, or other entities in Bangalore must adhere to the process of TDS return filing to avoid penalties and help ensure smooth financial operations.

The procedure involves accurate reporting of tax deductions, making it an essential responsibility for maintaining financial credibility and building trust with stakeholders.

Step-by-step procedure for TDS return filling in Bangalore:

Fill Form 27A

Form 27A is a sheet containing details of the TDS return. Ensure all columns are filled accurately. If filing a physical copy, verify that it aligns with the electronically filed e-TDS return. Discrepancies can lead to rejection.

Verify TDS Amount and Total Payment

Confirm that the total tax deducted at source (TDS) matches the total amount paid as reported. Any mismatch can delay or complicate the filing process.

Enter the Correct TAN

Check carefully that the organization’s Tax Deduction Account Number (TAN) is correctly mentioned in Form 27A. An incorrect TAN will cause difficulties during the verification and may lead to the rejection of the return.

Provide Challan and Tax Details

Accurately enter details such as the challan number, mode of payment, and tax payment dates. Errors in these details can lead to re-filing of the TDS return.

Fill the BSR

Use the correct 7-digit BSR (Basic Statistical Return) Code to streamline the tallying process.

Submit Returns

File the TDS return at a Tax Information Network – Facilitation Center (TIN-FC) .

Receive Confirmation

Upon successful submission, you will receive a token number or provisional receipt, which serves as confirmation of filing. Retain this for future reference and compliance verification.

Address Rejection (if any)

If the return is rejected, a non-acceptance memo will be issued with reasons for rejection.

Correct the errors and re-file the TDS return promptly to avoid penalties.

Documents Required for TDS Return Filing in Bangalore

For TDS return filing in Bangalore, essential documents include the Tax Deduction Account Number and PAN details of both the deductor and deductees. You’ll also need TDS payment challans (ITNS 281), proof of TDS payments, and details of deductions made across various payment types. For employees, Form 16 is required, while Form 16A is needed for non-salary payments which are generally paid to contractors. Additionally, books of accounts, quarterly return forms (e.g., 24Q for salaries, 26Q for other payments), and any relevant Challan Cum Statement (CST) are necessary. Previous TDS returns and receipts for any late fees or penalties should also be kept handy for reference, ensuring all filings are accurate and timely to avoid penalties.

Documents required in a nutshell:

• Tax Deduction Account Number (TAN) Details
• PAN Details
• TDS Payment Challans
• Details of Deductions Made
• Form 16/16A (if applicable)
• Books of Accounts
• Quarterly Return Forms
• Challan Cum Statement (CST)
• Previous TDS Returns (if applicable)
• Details of Late Fees or Penalty Payments

Due Date for TDS Return Filing in Bangalore

Filing Tax Deducted at Source (TDS) returns is a crucial responsibility for businesses and individuals alike, ensuring compliance with the Income Tax Act. In Bangalore, adhering to the prescribed due dates for TDS return filing is essential to avoid penalties and interest charges. Timely TDS return filing helps maintain smooth financial operations and ensures that your tax obligations are met without unnecessary complications. 

The due dates for TDS return filling in Bangalore are:

 TDS Compliance Solutions in Bangalore by Prakash and Co

Prakasha & Co consists of an expert team that offers top legal services ensuring accurate and timely filing of TDS returns, helping you avoid penalties, and maintaining compliance with the Income Tax Act.

Prakash and Co. provide end-to-end services, including the preparation of TDS returns, filing, and timely payment management. Whether you’re a small business or a large enterprise, our solutions are designed to streamline the TDS process, saving you time and effort. They look up to all the TDS compliance needs with affordable pricing and a professional approach.

Choose Prakasha and Co. for reliable, hassle-free, and cost-effective TDS compliance solutions in Bangalore. Contact us today to learn more about how we can assist you with your TDS filing requirements.