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We offer e-TDS/TCS/AIR services to our clients with consistent quality and ensuring guaranteed turn around time.
e-TDS
Entities (both corporate and non-corporate deductors) making payments (specified under Income Tax Act) to third parties (deductees) are required to deduct tax at source (Tax Deducted at Source -TDS) from these payments and deposit the same at any of the designated branches of banks authorised to collect taxes on behalf of Government of India. They should also furnish TDS returns containing details of deductee(s) and challan details relating to deposit of tax to ITD.
As a part of automation of collection, compilation and processing of TDS returns ITD has notified an "Electronic Filing of Returns of Tax Deducted at Source Scheme, 2003". It is applicable to all deductors furnishing their TDS return in electronic form. As per this scheme:
• It is mandatory (w.e.f. June 1, 2003) for corporate deductors to furnish their TDS returns in electronic form (e-TDS return).
• From F.Y. 2004-2005 onwards furnishing TDS returns in electronic form is also mandatory for government deductors in addition to corporate deductors.
• Deductors (other than government and corporates) may file TDS return in electronic or physical form.
• National Securities Depository Ltd. (NSDL) as the e- TDS Intermediary (appointed by ITD) receives, on behalf of ITD, the e-TDS returns from the deductors.
Deductors can submit e-TDS returns through TIN-Facilitation Centres (TIN-FC) established by NSDL or directly upload through NSDL web-site.
e-TCS
TCS means collection of tax at source by the seller (collector) from the buyer (collectee/payee) of the goods (specified u/s 206C of Income-tax Act, 1961, like timber obtained under forest lease, scrap, any other forest produce not being timber or tendu leaves etc.,). For e.g. if purchase value of goods is Rs.10,000/-, the buyer will pay an amount of Rs.10,000/- + X (X being the value of TCS as prescribed under Income-tax Act, 1961) to the seller. The seller will deposit the tax collected at source (TCS) at any of the designated branches of the authorised banks.
Following the automation of TDS returns in 2003, ITD has now notified an "Electronic Filing of Returns of Tax Collected at Source Scheme, 2005". It is applicable to all deductors furnishing their TCS return in electronic form. As per this scheme:
• It is mandatory for corporate and government deductors to furnish their TCS returns in electronic form (e-TCS return) from F.Y. 2004-2005 onwards.
• Deductors (other than government and corporates) may file TCS return in electronic or physical form.
• NSDL as the e-TCS Intermediary (appointed by ITD) receives, on behalf of ITD, the e-TCS returns from the deductors.
AIR
Annual Information Return (AIR) of 'high value financial transactions' is required to be furnished under section 285BA of the Income-tax Act, 1961 by 'specified persons' in respect of 'specified transactions' registered or recorded by them during the financial year. The due date of filing of the return is the 31st of August of the following year. The 'specified persons' and the 'specified transactions' are listed in Rule 114E of the Income-tax Rules, 1962. Briefly
- As per this rule, specified persons (Filers) should prepare their AIR in Form 61A (Part B) on computer readable media (i.e. CD or Floppy), supported by a duly signed verification and control chart in Form 61A (Part A) in paper format.
AIR should be furnished to the Commissioner of Income-tax (Central Information Branch) i.e. CIT (CIB). CBDT has authorized NSDL to receive AIR through the TIN Facilitation Centers on behalf of CIT (CIB). Filers may also file AIR online through internet.
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