Monthly service
TDS and TCS returns
TDS is tax your company deducts when it pays suppliers, staff or professionals, and TCS is tax it collects on certain sales. LanceIQ works out the right section and rate on every bill, tracks the monthly deposits, and files the quarterly statements.
What is included
- The right section and rate worked out on each bill
- PAN status of suppliers checked before deduction
- Monthly TDS and TCS deposits calculated, with challan details
- Quarterly TDS and TCS statements prepared and filed
- TDS certificates issued to suppliers
- Corrections when a deduction or challan needs to change
- TDS deducted by your customers matched on short receipts
Who it is for
For any company that pays contractors, professionals, rent or commission, or sells goods that attract TCS. It also suits government and statutory bodies that deduct TDS.
What you provide
- The tax payment from your bank account each month
- Your TAN and income tax login details for filing
Everything else is done for you.
When it happens
| When | What |
|---|---|
| Every bill | Section and rate worked out as the bill is recorded |
| By the 7th | Previous month's TDS and TCS deposited |
| Each quarter | TDS and TCS statements filed |
| After each quarter | Certificates issued to suppliers |
Common questions
Do you follow the new Income-tax Act?
Yes. From 1 April 2026 the Income-tax Act, 2025 applies, and we use its sections and forms for deductions made from that date.
What happens if a supplier's PAN is inoperative?
A higher rate of TDS usually applies. We check PAN status before deduction, so the right rate is used and you are not left with a short deduction.
Do you issue TDS certificates?
Yes. Certificates are issued to every supplier after each quarterly statement is filed.
What if a customer deducts TDS from our payment?
Customers often pay less than the invoice because they deducted TDS. We record the short receipt against the invoice as TDS receivable and check it against your tax credit statement, so the credit is claimed in full.