Tax Deducted at Source, as the name suggests, is the tax deducted at the time the income is received by or credited to the “person” so that collection of tax is preponed and there is regular flow of taxes to the government. TDS is deducted on various types of income such as salary, interest on bank deposits and bonds, winnings from lotteries and horse races, payment to contractors and sub-contractors, insurance commission, commission or brokerage, rent, fees for professional and technical services, etc.
TDS has to be deposited to the credit of the Central Government and TDS Returns should be filed within due dates prescribed by the Income Tax Act, 1961. TDS Certificates have to be issued by the deductor giving details of tax deducted so that the same is adjusted against income tax payable for the year by the deductee. A mandatory 10 digit Tax Deduction Number (TAN) is also required to be obtained by the deductor for this purpose.
Non Compliance with any of the provisions of the Income Tax Act in respect of deduction and deposit of TDS, filing returns, obtaining TAN etc leads to severe penalties. Hence, it is advisable to take expert help in order to avoid any kind of liability. LegalBiz provides a whole range of services which can completely take care of your Income Tax issues including TDS.
TDS Returns are to be filed quarterly within 15th of the month following the quarter for which the return is being filed. Only return for the quarter ended March is filed by the 15th of May.
1 working day
Get in touch with our expert and you will be briefed about all the details and documents required for filling the return. Our expert will collect all the documents and ensure free communication with you for any further query.
2-3 working days
We shall prepare the return based on the information provided by you and send you the same for approval at your end.
1-2 working days
Once the return is approved and verified, we shall file the same with the department and provide you with the acknowledgement or the receipt for your records. The journey does not end here! Our professionals shall be in touch with you for any further assistance.