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TDS Return (F)

TAN Number is a 10 Digit Alphanumeric Number and is used as an abbreviation for Tax Deduction and Collection Account Number. Every Assessee liable to deduct tax at source (TDS) or required to collect tax at source (TCS) is required to apply for a TAN No. and shall quote this number in all TDS Returns, TDS Payments and any other communication regarding TDS with the Income Tax Department.

As per Section 203A of the Income Tax Act 1961, it is mandatory for all asseesee’s liable to deduct TDS to quote this TAN Number in all communications regarding TDS with the Income Tax Department and failure to do so attracts a penalty of Rs 10,000 u/s 272BB.

Structure of TAN: of the total 10 digit TAN number, first 4 digits of TAN are alphabets, the next 5 digits of TAN are numeric and last digit is a random alphabet.

First 3 alphabets of TAN represent the jurisdiction code, 4th alphabet is the initial of the name of the TAN holder who can be a company, firm, individual, etc. For example, TAN allotted to Mr. Mahesh of Delhi may appear as under: DEL M 12345 L

Rate of TDS under Section 195: Rates prescribed under the Act has to be increased by surcharge and health and education cess at the prescribed rate. If the payment is being made as per DTAA rates, then there is no need to add surcharge and cess. The rates are as follows :

  • Income in respect of investment made by a NRI 20%
  • Income by the way of long term capital gains in Section 115E in case of a NRI 10%
  • Income by way of long-term capital gains 10% Short Term Capital gains under section 111A 15%
  • Any other income by way of long-term capital gains 20% Interest payable on money borrowed in Foreign Currency 20%
  • Income by way of royalty payable by Government or an Indian concern 10%
  • Income by way of royalty, not being royalty of the nature referred to be payable by Government or an Indian concern 10%
  • Income by way of fees for technical services payable by Government or an Indian concern 10%
  • Any other income 30% Payment of dividend to a non-resident shareholder by domestic company 20%

 

Form 24Q            Statement for tax deducted at source from salaries

Form 26Q            Statement for tax deducted at source on all payments other than salaries.

Form 27Q            Statement for tax deduction on income received from interest, dividends, or any other sum payable to non-residents.

Form 27EQ          Statement of collection of tax at source.

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All about MSME

MSME

The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under:

The new process for registration of micro, small and medium enterprises (MSMEs) in the name of Udyam Registration began on 1 July 2020. Ministry also said that an MSME in the country will now be referred to as ‘Udyam’ since the term comes closer to the meaning of an enterprise. As part of the COVID-19 relief package named ‘Atmanirbhar Bharat,’ the definition of MSMEs was changed to reclassify them on the basis of not just investments put in but to include turnover of the company. Ministry of Finance, Government of India, with a view to provide several benefits and to create large number of employment opportunities within India, announced various relief measures especially for the MSMEs (vis-à-vis Micro, Small & Medium Enterprises). To achieve this dream of creating lot more employment in India, it was felt necessary to widen the base of MSMEs so that more and more number of enterprises can be covered under these criteria & that they can avail the benefits as available to MSMEs. In this process, Ministry of Finance, in its As per the Press Release maximum ceiling limit for highest placed category (i.e. Medium enterprise) was set at for Investment up to Rs.20 crore & for Turnover up to Rs.100 crore. Under the new definition, there will be no more distinction between Manufacturing and Service MSMEs.

  • Micro units: Those with investments up to Rs 1 crore and turnover of less than Rs 5 crore.
  • Small units: Those with investments up to Rs 10 crore and turnover of less than Rs 50 crore.
  • Medium units: Those with investments up to Rs 20 crore and turnover of less than Rs 100 crore.

Basic

INR 1,500/-

One Time Fee

  • GST Registration
  • MSME Registration
  • Bank A/c.

Service Provide Within 7 Days

Standard

INR 11,999/-

One Time Fee

  • GST Registration
  • Shop & Establishment Registration
  • MSME Registration
  • Trade Mark Registration
  • Logo Design
  • Opening Bank A/c.

Service Provide Within 15 Days

Premium

INR 11,999/-

Yearly Fee

  • Yearly GST Compliances
  • Income Tax Return

Services Provided Before the Due Date

Frequently Asked Questions

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