Understanding TDS & TDS Return Filing:

TDS is shortcut of Tax Deducted at Source in India. Tax Deducted at Source or TDS is a way of gathering oblique tax by means of the Government of India as per the Income Tax Act, 1961. TDS comes under IRS (Indian Revenue Service) which is directly managed with the aid of CBDT. It is the advance tax paid by entity/individual responsible for making payments of professional fee, contract payments, salary, interest, royalty and dividends among others as per the appropriate tax slabs to government on behalf of the payee.

TDS is gathered in order to maintain the income supply stable for the authorities all through the year. This prevents people from evading taxes.

It becomes the responsibility of the deductor to deduct the TDS before making the payment and deposit it to the government.

TDS return filing is compulsory for all the assesses who fall under the tax slab as prescribed by the Income Tax Department. It is compulsory to e-file the TDS returns.

Filing of TDS returns can be done online. Once the TDS returns have been submitted online, the details will come up on the payee’s Form 26AS. The various details that are required when filing TDS returns are mentioned below:

  • The deductee’s and deductor’s Permanent Account Number (PAN) details.
  • Information on the TDS
  • The amount of tax that was paid to the government.

It is mandatory for every individual or business entity to file TDS return. Any individual/business entity fails to file TDS return by the due date has to pay the late filing fee as a penalty.

To avoid paying such penalties, reach out to ASA. Our team of experts will work with you and provide the best possible service, from helping you in gathering necessary documents required to filing the TDS return online, they will guide at every step.

Classes Under Which Tds Return Is Filed In Case Of Individuals & Organisations

The employer in an organisation has a legitimate TAN (Tax Collection and Deduction Account Number) through which they can file for TDS Return. The charged classes under which TDS Return is filed in case of individuals and organisations are:

  • Salary of an individual
  • Commission from insurance or the Income from any other sources like puzzles, lotteries etc.
  • Payment from the National saving Scheme.

The assesse wants to file the penalty for delay or late filling within the due date as prescribed. The classes under which there is eligibility to file the TDS Return every quarter are:

  • Company
  • Individuals whose accounts are audited under u/s 44AB
  • Individuals were holding office under the government.

Advantages Of Filing Tds Return:

As per Income Tax Act 1961, TDS Return filling is mandatory clause for an individual, companies or any other business entity:

  • Filling of TDS Return on time helps the department in tracking the records of the inflow measures of Income.
  • The Disclosures/Return from the filing of TDS return is used for the benefit of the Nation.
  • It prevents/stop people from evading tax of government.
  • Since the advance tax as prescribed is paid on a qtly basis, so there is no burden on companies of paying the lump sum tax at once shot.
  • Offers an easy mode of tax payment to the payer.

Eligibility Criteria For Tds Return:

TDS return can be documented by employers or groups who use a credible Tax Collection and Deduction Account Number (TAN). Any individual making distinct payments illustrated under IT Act are required to deduct tax at source and needs to credit within the stipulated period for the below mentioned expenditures:

  • Payment of Salary
  • Income by way of “Income on Securities”
  • Income by way of winning lottery, puzzles and others
  • Income from winning horse races
  • Insurance Commission
  • Payment in respect of National Saving Scheme and many others.

Documents Required For Filing The Tds Return:

Following are documents required to be submitted while filing the TDS Return Online:

  • TAN and PAN.
  • Incorporation Date of the Business.
  • The period for which qtrTDS is to be filed.
  • Last TDS filing details.

A signed Form 27A shall be attached to the return statement for the quarterly TDS. It serves as a summary of the TDS deducted and deposited.

How Asa Helps You In Tds And Tds Return Filing:

It is mandatory for every individual or business entity to file TDS return. Any individual/business entity fails to file TDS return by the due date has to pay the late filing fee as a penalty.

To avoid paying such penalties, reach out to ASA. Our experienced professionals will guide you through the process of filing the returns. Our specialist will work for you around the clock.

Our representatives will collect all the documents required for filing TDS return and will prepare for TDS filing for you.

We will provide the best possible service at best price.

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