Tax Filing Guru

Any business (company, firm, proprietorship eligible for tax audit) making payments like salary, rent (above ₹50,000/month), professional fees, contractor payments, etc. must deduct TDS before making the payment.

TDS returns (Form 24Q for salary, 26Q for non-salary) are due quarterly: Q1 July 31, Q2 October 31, Q3 January 31, Q4 May 31. Late filing attracts fees of ₹200/day under Section 234E.

Form 16 is the TDS certificate issued by an employer to employees after year-end. Part A shows TDS deposited, Part B shows salary details and deductions. We generate both parts after the annual return is filed.

Form 16A is the TDS certificate for non-salary payments (professional fees, rent, interest). It is generated quarterly and must be issued to the payee within 15 days of the quarterly filing due date.

Non-deduction: 100% penalty. Late deduction: 1% per month interest. Late deposit after deduction: 1.5% per month interest. Additionally, disallowance of the related expense when computing your business income.