The team of FIBOTA files Return of Income Tax and TDS Returns as per client’s requirement. FIBOTA offers various plans for Income Tax Return and TDS Return Filing Services. The detailed description of plans offered by FIBOTA are as under: -
If you have income from Salary or House Property
If you have income from Salary, House property or Capital Gain
Business, Capital Gain and All other income
For income tax return of corporates / HNI(Having income exceeding Rs. 50 lakhs or having foreign income)
No. of TDS Entries less than 500
No. of TDS entries more than 500 and less than 1000
No. of TDS entries more than 1000 and less than 3000
No. of TDS entries more 3000
(our expert will get in touch with you for specification of the work)
Plan A:If the incomes include income in the nature of "Income from Salary" and "Income from House Property" then charges for filing the Return of Income will be Rs 499/-.
Plan B:If the income includes income in the nature of "Income from Salary", "Income from House Property" & "Income from Capital Gain" then charges for filing the Return of Income will be Rs 999/-
Plan C:If the income includes income in the nature of Business, Capital Gain and all other Income then the charges for filing the Return of Income will be Rs 1999/-.
Plan D:For Corporates and high networts individual (having income above Rs. 50 Lackhs) the charges for filling of return of income will be Rs.3499/-
Plan A:If the number of TDS entries are less than 500 i.e. if entity has deducted TDS less than 500 transactions per quarter than charges are Rs 500 per Quarter.
Plan B:If the number of TDS entries are more than 500 but less than 1000 i.e. if entity has deducted TDS for more 500 transactions but less than 1000 transactions per quarter than charges are Rs 1000 per Quarter
Plan C:If the number of TDS entries are more than 1000 but less than 3000 i.e. if entity has deducted TDS for more 1000 transactions but less than 3000 transactions per quarter than charges are Rs 2500 per Quarter.
In case of entities which are large corporate having TDS entries exceeding 3000 transactions, the quotation will be based on the nature of assignment and review of relevant documents. FIBOTA enters in separate engagement terms for large corporate.
The below mentioned documentary requirement is general in nature, the requirement may change based on the nature of income of customer: -
1.If the assesse has never filed the return of income, then PAN Card and Adhaar Card is required for registration of assesse in the e-filing income tax portal.
2.If the assesse is already registered in the e-filing Income Tax Portal, then User name and Password is required. The confidentiality of the user name and password of the assesse is ensured by FIBOTA through the engagement Terms.
3.Copy of Bank Statement for the Financial Year for which Return of Income needs to be filed.
4.Copy of Income records and expense records maintained by the customers.
5.Details of Sale and purchase of Capital Assets.
1.FIBOTA also reverts to the queries raised by Income Tax Department in the client’s e-filing ID for the return of income Filed by FIBOTA. In nutshell, FIBOTA’s service is not limited to just filing the Return of Income but it also includes the compliance for queries raised (Excluding scrutiny/assessment) by the department, if any.
2.The designated CA’s of FIBOTA has expert knowledge in Income Tax field. Therefore, FIBOTA’s clients get valuable advice from the experts at cost effective rates.
3.The customers of FIBOTA also get Tax planning advice from our experts.
4.FIBOTA’s ensures confidentiality of the data for their clients.
The criteria for filing the return of Income is different for different Assessees/entities:
1. For Company and Partnership from:It is compulsory to file the Income Tax Return irrespective of Income or loss
2. For Individual:Anybody who is less than 60 years of age and has an annual income more than Rs2.5 lakh has to file income tax returns, according to the Income Tax Act. For senior citizens, the cut-off is Rs 3 lakh, and for those who are more than 80 years old, the cut off is Rs 5 lakh.
3. For HUF, AOP and BOI:If the total income of HUF, AOP or BOI or total income of any of its members exceeds Rs 2.5 Lakhs (before considering the various deduction and exemptions prescribed under Income Tax Act) then it is mandatory to file the Return of Income.
4. Return filing is compulsory if you want a refund.
5.Return filing is compulsory if you want a refund.
Plan A:If the number of TDS entries are less than 1000 i.e. if entity has deducted TDS upto 1000 transactions per quarter than charges are Rs 2000 per Quarter.
Plan B:If the number of TDS entries are more than 1000 but less than 3000i.e. if entity has deducted TDS for more 1000 transactions but less than 3000 transactions per quarter than charges are Rs 4500 per Quarter
Plan C:If the number of TDS entries are more than 3000 but less than 6000 i.e. if entity has deducted TDS for more 3000 transactions but less than 6000 transactions per quarter than charges are Rs 7000 per Quarter.
In case of entities which are large corporate having TDS entries exceeding 6000 transactions, the quotation will be based on the nature of assignment and review of relevant documents. FIBOTA enters in separate engagement terms for large corporate.
The below mentioned documentary requirement is general in nature, the requirement may change based on the nature of transaction entered into by client:
1.If the assesse has never filed the TDS Return, then relevant documents will be required for registration in the Traces site.
2.If the assesse is already registered in Traces, then User name and Password is required. The confidentially of the user name and password of the assesse is ensured by FIBOTA through the engagement Terms.
3.The client may provide the data in the excel sheet or may provide the accounts backup for TDS return filing.
4. The PAN number of the vendors are required from client to file the TDS return along with lower deduction certificate number, if any.
1.FIBOTA has required technology to process the voluminous data with reasonable turn around time.
2.The designated CA’s of FIBOTA has expert knowledge in TDS Provision. Therefore, even the transaction on TDS which was not deducted erroneously is traced out by the team of FIBOTA provided the accounts backup is provided to FIBOTA.
3.FIBOTA has strong execution process for every TDS assignment wherein maker checker control is involved.
4.FIBOTA's reverts to the online queries raised by the TDS web portal.
5.FIBOTA ensures client confidentiality.
TDS is basically collection of advance tax by government from the assessee from the deductor on behalf of deductee. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income, tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.
The person who deduct TDS is required to file TDS Return. TDS provision define that if prescribed nature of payment made by individual or an entity exceeding the prescribed limit, then TDS is required to be deducted. As per the layman term, the individual and HUF not falling within the purview of Audit under Income Tax Act are not required to deduct TDS even if prescribed nature of payment exceeds the prescribed limits as defined in TDS Provisions. Following are the details of Prescribed nature of payment and their prescribed limits as per the TDS Provisions
|Section||Nature of Payment||Threshold||Indv / HUF||Others|
|RS.||TDS Rate (%)|
|192||Salaries||-||As per slab rate||As per slab rate|
|192A||Premature withdrawal from EPF 50000||50000||10||-|
|193||Interest on Securities||10000||10||10|
|194||Dividends[other than dividend as referred to Section 115O by company (i.e. Dividend on which Dividend Distribution Tax is not paid)]||2500||10||10|
|194A||Interest (Banks)-Senior Citizen||50000||10||-|
|194B||Winning from Lotteries||10000||30||30|
|194BB||Winning from Horse Race||10000||30||30|
|194C||Payment to Contractor by any person||30000(single bill)or 1 lakh aggregate bills during the year||1||2|
|194C||Payment to Transporter covered u/s 44AE and submit declaration in prescribed format (i.e. owning less than 10 goods carriages)||2|
|194C||Payment to transporter not covered u/s 44AE(i.e. owning more than 10 goods carriages)||30000(single bill) or 75000 aggregate bills during the year||1%||2%|
|194D||Insurance Commission (15G - 15H allowed)||15000||5||10|
|194DA||Life insurance Policy||1 Lakh||1||1|
|194E||Non-Resident Sportsmen or Sports Association||20||20|
|194F||Repurchase Units by MFs||20||20|
|194G||Commission - Lottery||15000||5||5|
|194H||Commission / Brokerage||15000||5||5|
|194I||Rent of Land and Building - F&F||2.40 Lakh||10||10|
|194I||Rent of Plant / Machinery / Equipment||2.40 Lakh||2||2|
|194IA||Transfer of certain immovable property other than agriculture land||50 Lakh||1||1|
|194IB||Rent by Individual / HUF (wef 01.06.2017||50000 P/M||5||5%|
|194J||Payment to Call Centre Operator (wef 01.06.2017)||30000||2||2|
|194LA||Compensation on transfer of certain immovable property other than agricultural land||2.50 Lakh||10||10|
|194LA||Immovable Property (TDS exempted under RFCTLARR Act (wef 01.04.2017)|
|194LB||Income by way of interest from infrastructure debt fund (non-resident)||5||5|
|194LBA||Certain income from units of a business trust (applicable from 01.10.2014)||10||10|
|194LBA||Certain income from units of a business trust to non resident (applicable from 01.10.2014)||5||5|
|194LBB||Income in respect of units of investment fund||10% For Residents, 10% For Non- Residents (1 April 2016 - 31 May 2016), 30% For Non- Residents (1 Jun 2016 - 31 Mar 2017)||10% For Residents, 10% For Non- Residents (1 April 2016 - 31 May 2016), 40% For Non- Residents (1 Jun 2016 - 31 Mar 2017)|
|194LBC||Income in respect of investment in - securitization trust||40% For Non- Residents, 25% for Individual and HUF||30% For Residents, 40% For Non- Residents.|
|194LC||Income by way of interest by an Indian specified company to a non-resident / foreign company on foreign currency approved loan / long-term infrastructure bonds from outside India (applicable from July 1, 2012)||5||5|
|194LD||Interest on certain bonds and Govt. Securities (from 01.06.2013||5||5|
As per the notification, all transactions liable for TDS will have tax deduction at a higher percent of 20% if the Permanent Account Number (PAN) of the payees is not available. The law also applies to all non-residents in respect of payments/remittances liable to TDS. For TDS deduction on winnings from lotteries, puzzles and horse race and on salary when PAN is not available would be 30%.
Various forms have been Prescribed for TDS returns. The form is to be filed with TRACES depending on the nature of TDS deduction:
Form 24Q: - TDS from salaries
Form 26Q: - TDS on all payments except salary
Form 27Q: - TDS for payments made to non-residents
Form 27EQ: - Quarterly statement consisting the details about tax collected at source
Form 27A: - It is a summary of TDS/TCS returns which contains control totals of 'amount paid' and 'income tax deducted at source'. A separate Form No. 27A is to be filed for each TDS/TCS return.
Form 27B: - Form for furnishing information with the statement of collection of tax at source filed on computer media for the period ending.
Form 27C: - A document that can help in getting tax exemption from the tax deducted at the source. Both buyers and sellers can use this for all the goods specified in the Income Tax Act.
Apart from above there are various other TDS/TCS forms prescribed by the relevant authorities.
|TDS Deduction Period||Due date for TDS Payment||Due date of Return filing|
|Apr||7th May||Quarter 1 - 31st July|
|July||7th Aug||Quarter 2 - 31st October|
|Oct||7th Nov||Quarter 3 - 31st January|
|Jan||7th Feb||Quarter 4 - 31st May|
|Mar||30th Apr (For Government deductor there are separate due date prescribed by the rule)|
The fine of Rs 200 per day will be levied under section 234E till the date of filing the TDS return. However, the total amount of fine levied cannot exceed the TDS payable amount.
In case of late deposit of TDS after deduction interest payment should be at the rate of 1.5% per month on the amount of TDS not paid. It is to be noted that interest is charged every month or part of the month.