TDS

TDS

TDS (Tax Deduction at Source) is an indirect system of deduction of tax according to the Income Tax Act, 1961 at the point of generation of income.

It is the amount deducted from payments of various kinds such as salary, contract payment, commission etc.

This deducted amount can be adjusted against the tax due of the deductee. 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.

REQUIREMENT OF TAN FOR TDS FILING

TAN is an alphanumeric 10 digit number required by a person who is liable to deduct TDS and file TDS return. Thus such person must make an application within a month of deducting TDS for allotment of Tax Deduction and Collection Number (TAN) in Form 49B. This number allotted is mandatory to mention in all TDS Certificates issued, returns, challans etc.

Different types of TDS forms are as follows:-

  • Form 24Q -TDS on Salaries
  • Form 26Q – TDS on payments other than Salaries
  • Form 27Q – TDS on payments made to Non-Residents
  • Form 27EQ – TCS

ISSUE OF TDS CERTIFICATE:

Every person deducting tax as per provisions of section 203 is required to issue a certificate to the payee in respect of tax deducted by him along with certain other particulars. This certificate is called TDS Certificate. Even banks deducting TDS on pensions issue TDS certificates.
Types of TDS certificate to be issued in different cases:
Salaries: Certificate is to be issued in Form 16 containing details of TDS Payment, tax deducted at source and tax calculation based on which TDS was estimated. The certificate should be issued within 31st May of next financial year.
Non Salary Payments: Certificate is to be issued in Form 16A containing details of payment and tax deducted at source. The certificate should be issued within 15 days of due date of filing the return.
TCS: Certificate to be issued in Form 27D containing the Tax Collected & Paid details.
Failure to issue certificate will result in penalty of Rs. 100 for every day the failure continues but limited to the TDS amount.

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One Point Compliance LLP can help you with TDS return filing for one quarter, two quarters and four quarter.

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