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Is anybody here who can guide me regarding tds?

vikash (Consultancy) (67 Points)

20 March 2012

my problem is that i want to know the practical aspects regarding TDS(not the theory which we read in books)...can any1 help!!

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13 Replies

CS RAJESH C.CHOUDHARY (ASSISTANT MANAGER) (14607 Points)
Replied 20 March 2012

Dear Vikas,

You need information regarding Efilling of Tds.??

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(Guest)

Your communication skills are 2-oo ........................

Rakesh Gupta (Vice President Finance) (92 Points)
Replied 20 March 2012

Dear Mr. Vikash,

Tax Deduction at Source has many aspects. Kindly be specific as to which aspect you need practical insights.

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Mohammad Asif (chartered accountant) (191 Points)
Replied 20 March 2012

Tell the forum what you require to know

vikash (Consultancy) (67 Points)
Replied 20 March 2012

OKK...Sorrry 2 d forum...i want to know the info regarding e-filing of tds...

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Shivaram Krishnan (Partner) (50 Points)
Replied 20 March 2012

1) download the e-TDS Return Preparation utility from tin-nsdl.com (at present the version is 2.7)

2) follow the instructions as per the above said website.

3) run the RPU file

4) you need to select the Form No. and then type of statement

5) for Regular Statement: you will see 3 tabs viz. Form, Challan, Annexure I

6) Form: enter the basic details of deductor

7) Challan: fill all the challans that are pertainting to the quarter

8) Annexure I: this is very important one. Enter challan wise deductee details for which the TDS deducted and deposited.

9) after much thorough verification click on Create File: here you require CSI file which you will get it from www.tin-nsdl.com. You need to register there and request for the file.

10) the FVU file will be created once everything is correct.

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Shivaram Krishnan (Partner) (50 Points)
Replied 20 March 2012

oops forgot the last steps

11) write the FVU file in a CD or USB

12) along with Form 27A submit to the NSDL.

thats it.

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Rakesh Gupta (Vice President Finance) (92 Points)
Replied 20 March 2012

I would like to add the following points to whar Mr. Shivram Krishnan has provided:

After filing the return after a couple of days check on tin-nsdl website about the status of the return filed.

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Shivaram Krishnan (Partner) (50 Points)
Replied 20 March 2012

e-TDS Return Preparation utility from tin-nsdl.com (at present the version is 2.8 not 2.7 sorry)

1 Like

Vaibhav Jandey (Life iz Hard; I'm Harder) (1175 Points)
Replied 20 March 2012

Dear Vikash,

TDS sections were incorporated so as to levy and collect the tax at the source of income.....As it is deducted at the culmination of income, the income is charged on the spot and thereby DETERRING THE TAX EVADERS TO EVADE THE TAX. Hence you may conclude the main object was to contribute more to the revenue of government and discourage the Tax Stealers..

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Vaibhav Jandey (Life iz Hard; I'm Harder) (1175 Points)
Replied 20 March 2012

Oh sorry I read your e-filing query lately...

the main motive of e-filing is to compute the correct tax liability of the assessee and balance the same to the TDS amount deposited in the government account....so no more and no less tax would be deposited...

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Akash Unadkat (Accountant & CS Executive Student) (68 Points)
Replied 20 March 2012

I M Hereby giving You.. simple.. understanding of TDS.... i.e. Practical Aspects of TDS.

Goverment has decided some kind of Payments.. (Like Commission Income, Rent Income, Interest Income, Profesional Service Income) which are Bound to be Tax Paid In Advance.. i.e. Tax To Be Deduct At Source...

So Goverment has decided rates of TDS and as per that rate The Payee has to deduct that rate of amount from Payment (or Before payment if credit is earlier), and the same has to be paid in govt. treasury.

this way govt. want to trace this kind of income to be recorded automatically in IT Record, rather than assessee show in their IT return. and Govt. can also collect advance tax.

this is All about Practical of TDs..

Ask If you want More.. than these.. or you want more deeply in any of aspect.

1 Like

sadashiv Rupchand Gaikwad (Proprietor) (521 Points)
Replied 21 March 2012

Our professional firm is specially provides TDS related services to CA, Tax Practioners, Government Deductor and Banks.We give proper effect, challan deposit and modification through treasury Branch.Verify each Deductee, Correcness of Challan, Revised eTDS, Deliver F16A TDS certificates on behlaf Deductor, training about TDS and non TDS formality such as F15G, F15H F27D, obtaining Payees PAN. If you have any doubt,query, problem, adevice kinldy contact sadashiv71_gaikwad @ yahoo.com, devwrat.s.gaikwad.b49 @ gamil.com Tax Consultants B4 Jeevanjyot, Nr labour Court, Nashik Ph 0253 2500834,2593507, 2596104 Mob 93715274111. Ask your specific quiery