TDS Filing:

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Tax deducted at source (TDS) is the tax collected by the Government of India at the time of a transaction. It is covered under the ambit of the Income Tax Act 1961. When the money is credited to the payee's account or when the payment is made, then in that situation, tax is deducted.

In salary payments or life insurance policies, the tax is deducted at the time of payment. This amount must be deposited with the Income Tax Department by the deductor. TDS is a method of paying a portion of the tax directly to the Income Tax Department.

 

Aside from depositing the tax, the deductor must also file the TDS return. TDS return filing is a quarterly statement that must be submitted to the Income Tax department. It is essential to file TDS returns on time. TDS return filing may be completed entirely online. When the TDS returns are submitted, the information will appear on Form 26 AS.

 

In general, tax is taken from transactions such as salaries, payments to professionals on a contractual basis, rent payments above a particular amount, and so on. There is a set Tax rate for each type of transaction and payment. Only if the deductor has submitted the TDS return on time may the deductee receive the benefit of the tax deducted while submitting the ITR.

Individuals and corporations must file TDS returns.

 

According to the Income Tax Act of 1961, the Deduction of TDS at the time of payment and submitting TDS returns is mandatory.

 

TAN -

An employer or business with a valid TAN - Tax Collection and Deduction Account Number - can file an online TDS return.

 

It is Mandatory for the following assessees to file their TDS returns online each quarter-

 

1. Company

2. Individuals whose accounts are being audited u/s44AB

3. Those who hold a position in the government

 

TDS Payment Due Date – 7th of the following month in which TDS was Deducted

 

TDS Return Filing Due Date – 31st of the following month succeeding the applicable quarter

 

When TAX BARR is with you, our expert team will take care of all your TDS filings to avoid any penalities from time to time.