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All you need to know
Tax Deducted at Source is a source of collecting tax by Government of India when a payment transaction takes place. The TDS tax is required to be deducted by the payer at the time money is credited to the payee’s account or at the time of payment, whichever is earlier.
In case of payment of salary or life insurance policy, tax is deducted at the time of only payment. The deductor then deposits this TDS amount to the TAN number issued by the Income Tax (I-T) department. Through TDS, some portion of your tax is automatically paid to the I-T department. So, TDS is considered as a way of reducing tax evasion.
Tax is deducted usually over a range of rates from 1% to 30%.
Due Dates for Payment of TDS
What is TDS Return Online Filing ?
Aside from keeping the expense, the deductor ought to likewise document a TDS return.
TDS return is a quarterly assertion to be given to the I-T office. It is necessary for deductors to present a TDS return on schedule.
The subtleties needed to document TDS returns are:
• NAME of the Business
• PAN Number of Business
• BUSINESS TYPE
• ADDRESS of Business
• EMAIL ID Business
• MOBILE NUMBER Business
MANAGER DETAILS ( HE OR SHE MUST HAVE A DSC )
• NAME
• FATHER NAME
• PAN number
• ADDRESS
• EMAIL ID
• MOBILE NUMBER
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