ETDS & PT Returns Filing

ETDS & PT Returns Filing

TDS (Tax Deducted at Source) is an indirect system of deduction of tax according to the Income Tax Act, 1961 at the point of generation of income. Tax is deducted by the payer and is remitted to the government by him on behalf of the payee.

A TDS Return is a quarterly statement which has to be submitted to the Income Tax Department of India. Submitting TDS Return is mandatory if you are a deductor. It has details of TDS deducted and deposited by you.


Applicability & Due date for deposit:

Any person making specified payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such specified payment. But no TDS has to deducted if the person making the payment is an individual or HUF whose books are not required to be audited and The TDS deducted must be deposited to the government by 7th of the subsequent month.


TDS Returns & Certificates:

Filing TDS returns is mandatory for all the persons who have deducted TDS. TDS return is to be submitted quarterly and various details need to be furnished like TAN, amount of TDS deducted, type of payment, PAN of deductee, etc.

Form 16, Form 16A, Form 16 B and Form 16 C are all TDS certificates. TDS certificates have to be issued by a person deducting TDS to the assessee from whose income TDS was deducted while making payment.

Blue Ink Corporate Advisory Services LLP can assist you in filing ETDS returns with the expert teams within the specified tme.


Penal Provision For Non-compliance:

Filing TDS returns is mandatory for all the persons who have deducted TDS. TDS return is to be submitted quarterly and various details need to be furnished like TAN, amount of TDS deducted, type of payment, PAN of deductee, etc.


PT Filing:

Yearly Employment Tax Payment :


Every registered business with Enrollment Certificate shall pay tax every year before 30th of April at the specified rates.


Monthly Return and Payment of Tax :


Amount of Profession Tax (PT) to be deducted on employees where Salary of employee is Rs.15000 or more is Rs.200 per month.

Every employer those who have obtained the Certificate of Registration shall file a return within twenty days of the expiry of every month showing the salary and wages paid by him and the amount of tax deducted by him in respect of employees during the preceding month.

Payment of Tax shall also be done along with the filing of Return electronically. Non-filing of return or non-payment of tax in time shall attract a penalty of Rs.250.00 (Rupees Two Hundred and Fifty every month).


Yearly Return:


Every employer shall file a yearly return within sixty days of the expiry of the year, showing the salaries and wages paid by him and the amount of tax deducted by him during the preceding year.


Effect of Non-filing of Returns/ Non-payment of Tax:


i. Non Payment of Tax:

If the employer fails to make the payment of tax in time, the same shall attract simple interest at 1.25% for each month or part thereof. In addition to the interest, the professional Tax Officer may impose an additional amount not exceeding fifty per cent of the amount of tax due a penalty a well.

ii.Non-filing of return :

If the employer fails to file, the monthly return with 20th of next month, the time shall attract a penalty of Rs.250 every month.