Expert TDS TCS Services in Ahmedabad for Flawless Compliance | A M Global
TDS TCS Services in Ahmedabad are a cornerstone of tax compliance for businesses and individuals engaged in specific financial transactions. As a responsible deductor or collector, understanding and meticulously adhering to the provisions of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) under the Income Tax Act, 1961, is not just mandatory—it’s critical to avoid severe penalties, interest, and legal complications.
A M Global, a leading Chartered Accountant (CA) firm in Gujarat, specializes in providing comprehensive and accurate TDS TCS Services in Ahmedabad. Our expert team ensures timely deduction/collection, deposit with the government, and accurate filing of quarterly returns, allowing your business to operate with complete peace of mind.
Navigating the Complexities of TDS TCS Services in Ahmedabad
The provisions for TDS and TCS are intricate, covering various types of payments like salaries, rent, professional fees, interest, and specific sales of goods. Non-compliance, whether due to incorrect calculation, late deposit, or errors in return filing, can lead to significant financial repercussions.
By entrusting A M Global with your TDS TCS Services in Ahmedabad, you benefit from:
Minimized Penalties: Avoid penalties under Section 271H for late filing or incorrect statements, and interest under Section 234E for late payment.
Accurate Calculations: Ensure correct application of relevant TDS/TCS rates based on the nature of transaction and PAN availability.
Timely Compliance: Meet all quarterly and monthly deadlines for payment and return filing without fail.
Streamlined Operations: Free up your internal resources from the tedious task of TDS/TCS management.
Comprehensive TDS Services Offered in Ahmedabad
1. TDS Calculation and Deduction
We meticulously analyze your transactions to determine where TDS is applicable and at what rate. This covers various sections, including:
Section 192: TDS on Salaries
Section 194C: TDS on Contractors
Section 194H: TDS on Commission or Brokerage
Section 194I: TDS on Rent
Section 194J: TDS on Professional/Technical Services
Section 194Q: TDS on Purchase of Goods (new provision)
2. TDS Payment and Return Filing
After deduction, timely deposit of TDS and accurate filing of returns are paramount. We handle:
Challan Generation & Payment: Ensuring TDS is deposited to the government exchequer by the due date (usually 7th of the next month).
Quarterly TDS Return Filing: Preparation and e-filing of Form 24Q (for salaries), Form 26Q (for non-salaries), Form 27Q (for non-residents), and Form 27EQ (for TCS).
TDS Certificate Issuance: Generation and timely issuance of Form 16/16A to deductees.
Robust TCS Services in Ahmedabad
Tax Collected at Source (TCS) applies to specific transactions, primarily related to the sale of certain goods or services. Our TCS Services in Ahmedabad ensure your compliance with these provisions:
1. TCS Applicability and Collection
We guide you on transactions where TCS is applicable, such as:
Sale of Scraps
Sale of Tendu Leaves
Sale of Motor Vehicle (exceeding a certain value)
Section 206C(1H): TCS on Sale of Goods (exceeding ₹50 Lakhs in a financial year)
Similar to TDS, we manage the collection, payment, and return filing for TCS:
Timely Deposit: Ensuring TCS collected is deposited to the government by the prescribed deadlines.
Quarterly TCS Return Filing: Preparation and e-filing of Form 27EQ.
TCS Certificate Issuance: Providing Form 27BA to the collectors.
For detailed guidelines and circulars regarding TDS/TCS provisions, you can refer to the official website of the Central Board of Direct Taxes (CBDT)
We also recommend exploring our ITR Filing Services which often go hand-in-hand with TDS/TCS reconciliation for both deductors and deductees
Frequently Asked Questions (FAQs) about TDS TCS Services in Ahmedabad
1. What is the primary difference between TDS and TCS?
TDS (Tax Deducted at Source) is income tax reduced from the payments made by a person, while TCS (Tax Collected at Source) is income tax collected by a seller from a buyer at the time of sale of specific goods. Both aim to collect tax at an early stage.
2. Who is liable to deduct TDS or collect TCS?
Generally, any person or business making specified payments exceeding certain thresholds is liable to deduct TDS. Similarly, specific sellers of certain goods are liable to collect TCS. Our TDS TCS Services in Ahmedabad help you identify your exact obligations.
3. What if I forget to deduct/collect TDS/TCS or deposit it late?
Failing to deduct/collect TDS/TCS or depositing it late can attract interest charges (e.g., 1% or 1.5% per month), and penalties (e.g., ₹200 per day for late filing of returns). Our services are designed to prevent such costly errors.
4. How does A M Global ensure accuracy in TDS/TCS filings?
We use robust accounting software, stay updated with the latest amendments in tax laws, and conduct thorough reconciliations with Form 26AS and your books of accounts before filing any returns, ensuring maximum accuracy for all your TDS TCS Services in Ahmedabad.