e-TDS/TCS/SFT Processing

We accept e-TDS/e-TCS/SFT Preparation services to our clients with consistent quality and ensuring guaranteed turnaround time. We also undertake electronic Data Conversion activity to enable the Deductors who are not familiar with the file Formats to file the Statements electronically within the prescribed time limits.
We ensure:

  • That the assessee has quoted a correct and valid permanent account number or tax deduction account number.
  • That the particulars of advance tax, self assessment tax and tax deducted at source are in accordance with the documents enclosed.
  • Ensure accuracy of the data entry while transcribing the return of income and during its transmission.

If the e-TDS/e-TCS Return file is complete in all aspects, we will issue a provisional Receipt to you. The Provisional Receipt issued by us is deemed to be the proof of e-TDS/e-TCS Return Filed.

e-TDS

Entities (both corporate and non-corporate deductors) making payments (specified under Income Tax Act) to third parties (deductees) are required to deduct tax at source (Tax Deducted at Source -TDS) from these payments and deposit the same at any of the designated branches of banks authorised to collect taxes on behalf of Government of India. They should also furnish TDS returns containing details of deductee(s) and challan details relating to deposit of tax to ITD. As a part of automation of collection, compilation and processing of TDS returns ITD has notified an "Electronic Filing of Returns of Tax Deducted at Source Scheme, 2003". It is applicable to all deductors furnishing their TDS return in electronic form. As per this scheme:

  • It is mandatory (w.e.f. June 1, 2003) for corporate deductors to furnish their TDS returns in electronic form (e-TDS return).
  • From F.Y. 2004-2005 onwards furnishing TDS returns in electronic form is also mandatory for government deductors in addition to corporate deductors.
  • Deductors (other than government and corporates) may file TDS return in electronic or physical form.
  • National Securities Depository Ltd. (NSDL) as the e- TDS Intermediary (appointed by ITD) receives, on behalf of ITD, the e-TDS returns from the deductors. Deductors can submit e-TDS returns through TIN-Facilitation Centres (TIN-FC) established by NSDL or directly upload through NSDL web-site.

e-TCS

TCS means collection of tax at source by the seller (collector) from the buyer (collectee/payee) of the goods (specified u/s 206C of Income-tax Act, 1961, like timber obtained under forest lease, scrap, any other forest produce not being timber or tendu leaves etc.,). For e.g. if purchase value of goods is Rs.10,000/-, the buyer will pay an amount of Rs.10,000/- + X (X being the value of TCS as prescribed under Income-tax Act, 1961) to the seller. The seller will deposit the tax collected at source (TCS) at any of the designated branches of the authorised banks. Following the automation of TDS returns in 2003, ITD has now notified an "Electronic Filing of Returns of Tax Collected at Source Scheme, 2005". It is applicable to all deductors furnishing their TCS return in electronic form. As per this scheme:

  • It is mandatory for corporate and government deductors to furnish their TCS returns in electronic form (e-TCS return) from F.Y. 2004-2005 onwards.
  • Deductors (other than government and corporates) may file TCS return in electronic or physical form.
  • NSDL as the e-TCS Intermediary (appointed by ITD) receives, on behalf of ITD, the e-TCS returns from the deductors.

SFT : Statement of Financial Transactions

Statement of Financial Transactions (SFT) in Form No 61A. It has replaced earlier annual information return reporting. All business assesses liable under tax audit, various financial institutions and professionals, will have to report a slew of high-value transactions such as cash deposit, credit card payments, share sale, property deals, debentures and mutual fund units among others. All these transactions are to be reported in a separate statement which will be Statement of Financial transactions (SFT).Requirement of filing Annual Information Return (SFT) is now being replaced by Statement of Financial Transactions (SFT).SFTs have to be filed in separate form and not along with Income Tax (IT) returns.