H&R Block is a global online tax filing platform. It started its first Global Technology Center in India in October 2017. They had served the Indian market with various services, some of which have been mentioned below:
DIY Tax Filing
CA Assisted Tax Filing
Informative Youtube videos & Articles
Although they have been involved in the Indian market for a couple of years now, they have decided to discontinue their services to the Indian taxpayers.
If you are an existing customer of H&R Block, you don’t need to worry about your tax preparation for the upcoming Financial Year. You can take the help of Quicko.
Given below are the services that are offered by us at Quicko:
Our DIY- Do It Yourself TDS filing allows you to fill TDS Return required details like your TAN and PAN and employee’s details on our platform and file TDS Return within few minutes. You can also get our CA assistance on the same.
Our DIY- Do It Yourself GST filing allows you to generate invoices, built purchase orders, keep records, view reports, etc on our platform and file your GSTR within few minutes. You can also get our CA assistance on the same.
Individuals, in order to file their ITR, have to own a PAN. Therefore without PAN one cannot file their ITR. Even NRIs are required to have their PAN. You can apply for PAN with the help of Quicko and get our CA Assistance on the same.
The deductor/collector of TDS/TCS can file Return using Return Preparation Utility (RPU). The users can Download the Return Preparation Utility (RPU) from the TIN NSDL. Once the installation process is complete, the users can prepare their TDS return file using the utility. TDS Return can be filed in following two ways:
Through TIN FC Center,
Through Income Tax e-Filing Portal.
Steps to Prepare TDS File using Return Preparation Utility (RPU)
Open the executable JAR file.
Once the RPU is downloaded and installed from TIN NSDL.
Click on the “Ok” option to move forward.
A pop-up message appears on the screen.
Select TDS Return Form Type based on Nature of Payment
The employer needs to select Form 24Q for filing TDS on salary payments.
Select the Type of Return i.e, Regular or Correction
Regular return is the original TDS Return and Correction is the revised TDS Return.
Fill in the required details in the Form
Enter basic details like TAN, FY, Name and Address of Deductor and Responsible Person.
Fill in the Challan details.
Challan details like BSR Code, Challan Number, Date of Deposit, TDS Amount, Section, etc.
Clicking on the “Add Rows” option to add more challans.
This will allow you to add all the challan deposited with the Income Tax Department.
Click on the “Annexure Deductee Details” section.
Add details of deduction/ payment here like PAN, Name, Payment Amount, Section, TDS Amount, etc.
Click on the “Create File” option.
If there are any errors then same will be shown. And needs to be fixed before filing TDS Return.
Once the file is created from RPU, one needs to add this file and Challan Inquiry File into FVU of TDS/TCS Return and create an FVU file. And this FVU file will be used to file TDS/TCS Return.
1. Can we file an e-TDS return without TAN?
Quoting of TAN is mandatory in TDS and TCS returns, whether filed in paper or electronic format. The returns, whether in paper or electronic format, will not be received in case TAN is not quoted.
2. What is Form 27A?
The Form 27A is a summary of e-TDS/TCS returns which contains control totals of “Amount Paid” and “Income Tax Deducted at Source”. The control totals of Amount Paid and Income Tax Deducted at Source mentioned on Form No. 27A should match with the corresponding control totals in e-TDS/TCS return. It gets generated from FVU while filing TDS Return.
3. What is the Challan Serial Number given by the bank?
Bank Challan Number is a receipt number given by the bank branch where TDS is deposited. A separate receipt number is given for each challan deposited. You are required to mention this challan number in the e-TDS/TCS return.
4. What is the Bank Branch Code and where do I get it from?
The Reserve Bank of India has allotted a unique seven-digit code to each bank branch. You are required to mention the code of the bank branch where TDS is deposited in the e-TDS/TCS return. You can get this code from the bank branch where the TDS amount is deposited.
5. Can I file Form 26Q separately for contractors, professionals, interest, etc.?
No. A single Form 26Q with separate annexures corresponding to each challan payment for each type of payment has to be filed for all payments made to residents.
As per the Income Tax Act, every payer/deductor who deducts/collects TDS/TCS has to be filing their TDS or TCS return. The following deductors are required to file TDS/TCS return quarterly if they have deducted any TDS from the payment made.
It is mandatory to file quarterly TDS/TCS return within prescribed due dates. If a return is not filed within due dates then the deductor/collector will be liable to pay penalty for the late filing of return.
What is TDS Return?
TDS Return is also known as TDS Statement. It is a summary of all the transactions related to TDS made during a quarter of a financial year. It needs to be submitted to the income tax department quarterly before the due date. TDS return contains details of TDS deducted and deposited by a deductor. TDS return has basic details of deductors and deductees like PAN, TAN, etc, TDS Challan information, deduction details, and other information as required by the government.
What are the different types of TDS Returns?
Following are the different types of TDS and TCS Return to be filed by the deductor based on nature of payment:
TDS/TCS Return needs to be filed on quarterly basis. Following are the due dates for the same:
April – June
July – September
October – December
January – March
How can I file TDS/TCS Return?
All the deductors/payers who deduct TDS/TCS need to file the return. Following are the two ways to file TDS/TCS Return online: 1. Using Return Preparation Utility (RPU) from TIN NSDL -Go to TIN NSDL, -Go to Services > e-TDS/e-TCS, -Click on e-TDS/e-TCS RPU and download the latest version of RPU, -Open the RPU and start preparing TDS Return. 2. Using Online Softwares like Quicko TDS
Is it mandatory to file TDS Return ?
TDS Return filing is mandatory if TDS has been deducted by the deductor in a particular quarter. However, it is not mandatory to file TDS Return if no TDS has been deducted by the deductor. In this case, the deductor should file a declaration of non-filing of the TDS statement with TRACES to avoid future notice from the IT Department.
Who needs to deduct TDS/TCS?
The payer/deductor needs to deduct TDS/TCS before making payment to a payee. TDS needs to be deducted at a prescribed rate as per the applicable Income Tax Section. Following are the entities who need to deduct TDS: Company Branch / Division of Company Individual/HUF Firm Association of Person (AOP) Association of Person (Trust) Artificial Juridical Person Body of Individuals Government Bodies
The concept of TDS or Tax Deducted at Source was introduced with an aim to collect tax from the very source of income. 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.
How is TDS deducted?
The Payer making a payment of specific nature withholds a percentage of the total amount payable. The payer is also known as “Deductor”. The payee whose TDS is deducted is known as “Deductee”. TDS needs to be deducted on the following type of payment:
ABC Pvt Ltd needs to make payment of INR 50,000 to Jay for his professional services. Then in this case, ABC Pvt Ltd (Payer/ Deductor) needs to deduct TDS at 10% on INR 50,000 i.e, INR 5,000. And make payment of INR 45,000 (INR 50,000 – INR 5,000) to Jay (Payee/ Deductee).
Who needs to deduct TDS?
The Payer/ Deductor has to deduct TDS before making payment to a payee. The payer needs to obtain TAN for depositing and filing TDS Return. Following persons are required to deduct TDS:
Individuals if covered under section 44AB (mandatory audit)
Tax Deducted at Source (TDS) on Salary
Every employer needs to deduct TDS on salary payments made to employees. The TDS on Salary comes under Section 192. And employer needs to file TDS Return in Form 24Q quarterly.
Here is the brief overview on how the total amount of TDS on Salary is decided.
Applicable Income Tax Slab Rate
When the estimated income of the employee is taxable, TDS is deducted.
Employer is not allowed to deduct tax on non-taxable allowances (for eg. conveyance allowance, rental allowance, medical allowance etc..)
If the estimated total income of the employee is less than the minimum taxable income, no TDS is deducted. (Which is INR 2,50,000/- in case of Individual, HUF, AOP, BOD and AJP. Nil for others.)
As mentioned in the table, if you have any investments (which fall under Section 80) or life events that call for official allowances (Such as your child’s school fees or your wife’s medical treatment), then you can claim deductions. To claim the same you need to provide the relevant documents to your employer. It will also be mentioned in your Form 16. Form 16 issued by the employer is Proof of TDS Deduction and Salary Payments. It is used to file ITR by employees.
Let’s understand how the employer would calculate the TDS liability of the employee:
5. Monthly TDS deducted by the employer (4 / 12 months)
Tax Deducted at Source on Income other than Salary
There are various payments other than salary for which TDS is deducted such as professional fees, contract payments, commission or brokerage, property transaction etc.. TDS rates vary by nature of payment.
In the case of TDS payment other than salary, details of TDS can be found in Form 16A. It should be furnished by the deductor within fifteen days from the due date for furnishing the ‘statement of TDS’ under rule 31A. You will read about it in the next section.
Form 24Q, 26Q, 27Q and 27EQ of Q1 and Q2 of FY 2020-21
As per rule 31A/31AA
31st March, 2021
Form 26QB, 26QC, and 26QD of February 2020
30th March, 2020
31st July, 2020
Form 26QB, 26QC, and 26QD of March 2020
30th April, 2020
31st July, 2020
Form 26QB, 26QC, and 26QD of April to November 2020
30 days from end of month in which tax is deducted
31st March, 2021
What is TDS Certificate?
TDS certificates are to be issued by a person deducting TDS to the assessee from whose income TDS was deducted while making payment. For instance, banks issue Form 16A to the depositor when TDS is deducted on interest from fixed deposits. Form 16 is issued by the employer to the employee.
What are the different types of TDS Returns?
The Income Tax Department has notified different TDS Returns/ Statements to be filed by the payer/ deductor within prescribed due dates. The quarterly returns/statements of the TDS should be submitted in the following forms:
1. Do I need to file my income tax return if my TDS is deducted by my employer?
Yes. It is very common for salaried individuals to have all their taxes deducted by their employer in form of TDS. Still you should file income tax return to claim any refund and/or carry forward any losses.
2. How to deposit TDS online?
– Go to TIN-NSDL, select Challan No./ ITNS 281 and enter TAN, Assessment Year and Personal Information. – Select Type Of Payment and Nature Of Payment – Select Bank Name and you will be redirected to the net banking site, make payment and Save Challan 281 for your records.
3. What is TDS Certificate?
TDS Certificate is a certificate issued by the person/deductor responsible for deducting tax at source. When TDS is deducted it is important to issue TDS Certificate. From TDS Certificate deductee knows how much TDS has been deducted by the deductor. Some of the examples of TDS Certificate are Form 16, Form 16A, Form 16B.
4. How to check my TDS Credit?
The deductor/employer is liable to give you a TDS Certificate i.e; Form 16, Form 16A confirming the amount of tax deducted. You can also check your TDS credit from your Form 26AS by login to your income tax e-filing account.
Why am I receiving SMS alerts from VK-ITDEFL?
ITD has been sending SMS to the taxpayers from VK-ITDEFL that mentions the amount of TDS against the PAN of the taxpayer. It lets you know the TDS credited in respect of your income from salary, interest etc., every quarter. The amount of TDS would stand accumulated in your Form 26AS for the respective financial year. This initiative was implemented by the Finance Ministry to increase transparency and reduce the cases of TDS mismatches at the time of income tax filing.
“Is there a way to spend money on our betterment and save TDS at the same time?” The answer is YES. There is a way to do so through planning. As the law requires you to pay TDS, it also gives you opportunities to save it as well. If your total income is not taxable, you need to plan wisely so as to avoid paying redundant TDS. All it takes is investing in the right areas such as buying a house, planning for retirement, getting family insurance, etc.
For planning, you need to manage the nature and source of income and the investments and evaluate the expected total income for the financial year in order to save TDS. If you are expecting your total income to remain below the taxable limit then, in that case, you can avoid paying redundant TDS on income.
For eg. Rohit’s total income for the financial year, 2015-16 is Rs. 3,45,000 (Including interest income of Rs. 12,000 from tax saving FD). His total deductions under section 80C are Rs. 1,02,000 so his taxable income for FY 2015-16 will be Rs. 2,43,000 which is below basic exemption limit. The Banks will deduct TDS on interest incomes if the amount of interest exceeds Rs. 10,000. Here, although Rohit’s total taxable income is below the basic exemption limit, the banks will deduct TDS since the interest income is greater than Rs. 10,000. In such a situation, Rohit can use form 15G to save TDS payment by avoiding paying redundant TDS from the interest income.
How Does TDS Payment work?
TDS is ‘pay as you earn’ method of taxation. Basically, it’s the payer who deducts the TDS directly from your income and remits to the government on behalf of the payee. TDS is applicable to several incomes such as salary, interest, rent, brokerage, commission, professional fees, and others. Hence, the Income Tax Department deducts TDS at a prescribed rate. The Income Tax Act provides a threshold limit of each source of income after which TDS is applicable. If you have a rental income than under section 194-I of the Act, up to Rs.1,80,000 in a year is exempt from TDS.
Sometimes when you have more than one source of income during the financial year, you need to take into consideration your total income from all the sources of income to assess the tax liability and then decide if you need to do something to stay away from TDS. You can consider all the deductions and exemptions available while calculating tax liability.
If the estimated total income of an individual for a financial year is less than the basic exemption limit than TDS can be avoided. In the case of a salaried individual, you can declare your other income and investments and expenditure that qualifies for tax deductions and exemptions to the employer. Depending on your declaration, the employer deducts TDS.
However, in the case of non-salary incomes, you need to fill out certain forms to avoid TDS.
Form 15G/15H are self-declaration forms for interest income on securities or dividends or interest on other securities or income in respect of units under section 197A. For example: If you are receiving interest on fixed deposits, and you submit form 15G to the bank, the bank will not deduct TDS from your interest income. Please note that Form 15H is for senior citizens (Age 60 years or more)
The provisions to use these forms has now extended to include rental income as well from 1st June 2016.
It is a good practice to file form 15G/15H at the beginning of a financial year to avoid unnecessary deduction of TDS.
You may need to give forms separately for a different source of income. If you have fixed deposits in two banks, you need to give form 15G/15H to each bank.
Submit these forms every financial year. Because, even though you will get a final interest only on maturity, TDS will be cut on the accrued interest for each year.
Form 13 needs to be filled out in case of commission income, brokerage income or lottery tickets, etc. This form has to be given to the income tax assessing officer (AO) to get a certificate to deduct tax at a lower rate or not at all as may be appropriate. The assessing officer may issue this certificate if he is convinced that the total income of the applicant justifies lower or no taxation.
Note: This certificate is valid only for the year for which it is given to the taxpayer.
Before furnishing forms and certificates to avoid TDS, you need to assess total income carefully. Because there are penal provisions if the tax department finds that the assessee is deliberately avoiding TDS.
Once these forms are furnished there is no provision in the income tax act regarding the withdrawal of these forms.
If your income for the year is more than your evaluation, you should do self-assessment of tax liability on extra income and pay advance tax on it.
The forms are easily available at banks, post office branches and on the tax department website. Nowadays you can also submit for 15G / 15H electronically
What is the TDS payment?
TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the Income Tax Department (ITD).
When should TDS be deducted?
The due dates for the payment of the deducted TDS are on or before the 7th of next month. Hence, if the deductor has deducted tax from payments in the month of November, then he has to pay the TDS on or before the 7th of December.
Who can file the TDS return and what are the details required?
TDS Return is a quarterly statement to be given to theIncome Tax Department (ITD). It is compulsory for deductors to submit a TDS return on time. The details required to file TDS returns are as follows: – TAN (Tax Deduction Account Number) – PAN (Permanent Account Number) – Transaction details (Party Name, Party PAN, Date of Payment, Section of Payment, Rate of Tax Deduction, Certificates (if any) Payment Details (Challan Number, Challan Date, Challan BSR Code, Challan Amount)