Tax Deducted at Source

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Tax Deducted at Source

A Tax Deducted Source (TDS) is a kind of tax that is deducted from a person's income, and it must be deducted for certain payments he/ or she made. The TDS necessities of the Income Tax Act will be described in-depth in this section. 

What is a TDS? 

TDS is the income tax deducted from money received when making payments, such as commission, rent, salary, interest, professional fees, etc. A person who receives money has to pay income tax, and the government makes sure that income tax is taken in advance from your payments using tax Deducted at Source regulations. The net payment is transferred to the income recipient (after deducting TDS). Though the gross amount is added to the recipient's income, the amount of TDS is deducted from his ultimate tax liability. The amount already subtracted and paid on his behalf is given to the beneficiary. 

When should TDS be deducted, and by whom? 

Anyone making particular payments as determined by the Income Tax Act is needed to subtract TDS at the time of such transaction. If the individual making the payment is an individual or a Hindu Undivided Family HUF whose accounts are not audited, no TDS is deducted. 

HUFs and individuals paying rent over Rs 50,000 per month are compelled to deduct TDS at a 5% rate; it doesn't matter if they are not subjected to a tax audit. People who are required to deduct TDS at a rate of 5% do not need to apply for TAN. An employer deducts TDS at the applicable income tax slab rates, and banks deduct TDS at a 10% rate. However, not having your PAN details may reduce 20%. 

TDS rates are already mentioned in The Income-tax Act, 1961. But for most payments, TDS is deducted by the payer based on these rates. If an employee submits investment proofs (for claiming deductions) to the employer and his total taxable income is below the taxable limit, he will not have to pay any tax. As a result, you should not have any TDS deducted from your wages. 

Similarly, if a person's total income is less than the taxable limit, he or she can submit Form 15G and Form 15H to the bank to avoid TDS on his/her interest income. If the person can't submit evidence to his/her employer, or if his/her employer or bank has already deducted TDS and his/her total income is less than the taxable limit, he can file a return and request a refund of the TDS—the complete list of Specified Payments subject to TDS deduction and the TDS rate. 

When does the TDS have to be deposited with the government? 

Within the seventh day of the next month, the tax deducted at the source must be submitted to the government. 

When and how should TDS returns be filed? 

All people who have deducted TDS must file tax Deducted at Source returns. TDS returns should be filed quarterly and include: 

  • The deductee's TAN. 

  • The number of TDS deducted. 

  • The type of payment. 

  • The deductee's PAN. 

Additionally, depending on the purpose of the TDS deduction, many forms for submitting returns are needed. The following are examples of several return forms: On all payments except salary, use Form 26QTDS. Q1 – July 31st Q2 – October 31st The third quarter ends on January 31st. Q4 – May 31st.  

What is the meaning of a TDS certificate? 

TDS certifications are Form 16, Form 16A, Form 16 B, and Form 16 C. TDS certificates must be supplied to the assessee from whose income TDS was deducted while making payment by the person deducting TDS. Banks give Form 16A to the depositor when TDS is deducted on interest from fixed deposits.  

Form 26AS TDS credits 

It's essential to apprehend how TDS links to your PAN. TDS deductions are linked to both the deductor and the deductee's PAN numbers. If you have had TDS reduced from any of your incomes, you must file Tax Credit Form 26AS. This is a compact tax statement that all PAN holders have access to. 

Because all TDS is linked to your PAN, this form details the TDS deducted from your income by each deductor for all types of payments given to you – whether salary or interest income - all TDS tied to your PAN is reported here. You also pay income tax directly on this form, either self-assessment or advance tax. The PAN must be entered correctly whenever TDS may be due on your earnings. 

Frequently Asked Questions

TDS deductors are accountable for the following: Acquire a Tax Deduction Account Number and comprise it in any TDS-related documents. Subtract the TDS at the appropriate rate. Within the defined due date, deposit the TDS payment with the government. TDS returns are due on the given date. Within the said timeframe, bring the TDS certificate to the payee.

Suppose you do not provide your Permanent Account Number to the deductor. In that case, the deductor will deduct TDS at the higher rate mentioned in the concerned provisions of the Act or 20%, according to Section 206AA of the Income Tax Act, 1961.

???TAN is for Tax Deduction Account Number, and PAN refers to Permanent Account Number. The in-charge of deducting TDS, i.e. the deductor, should get a TAN. In all TDS-related documents, the deductor must enclose the TAN. In the case of TDS on land and construction purchases made under Section 194-IA, the deductor is not needed to get a TAN and can return the TDS using PAN. TDS on rent, as specified by Section 194-IB, and TDS on payments of particular sums by individuals or HUFs, as described in Section 194M, can also be paid using PAN rather than TAN.

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