Process of Registration by Taxhub
Upload the basic Documents
Choose your Requisite plan and pay the Fees
Taxhub will Calculate your TDS Liability
Taxhub will File your TDS Return
Get your Provisional Token Number
What is a TDS?
The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.
TDS helps in keeping a check on tax evasion. Not only this, in this mechanism, taxpayer is not required to pay a lumpsum amount as annual tax at the end of the financial year.
To understand TDS meaning better, let’s take an example. If the nature of payment is professional fees and the specified tax rate is 10%. ABC Ltd makes a payment of Rs 20,000/- towards professional fees to Mr. X, then ABC Ltd shall deduct a tax of Rs. 2,000/- and make a net payment of Rs. 18,000/- (20,000/- deducted by Rs. 2,000/-) to Mr. X. They will directly deposit the amount of Rs. 2,000/- deducted by ABC Ltd to the credit of the government.
Key Points for TDS Deductions & Payments?
•Payment of TDS Deducted
If the tax is deducted from the payment made to a specified person than that tax must be submitted before 7th of the next month.
• Interest on Non Payment of TDS Deducted
The TDS deducted from the specified payment must be deposited before due date and if there is delay on depositing the TDS then it shall be punishable under section 271 C or/and 276B and also liable for payment of Interest at the rate of 1.5% per month or part therefor.
• Interest on Non Deduction of TDS
When a person making a payment to a specified person without deducting TDS from the payment or deducted less amount then specified than in all such case, the deductor is liable to pay interest at the rate of 1% per month or part thereof. Hence while making any payment business man must ensure about liability of TDS.
Basic Documents Required for Book Keeping
- PAN card/Pan Number
- Tax payment challans (Self-assessment, advance tax, if you have deposited the same
- TDS Deduction Sheet with all deductee details as like PAN, Name, Date of Payment, Amount Credited, etc.
- All Bank account information
- For TDS deducted in Apri to February: 7the Day of Next Month of deduction of month
- For TDS deducted in March: 30th April
- According to Section234E, if an assessee fails to file his/her TDS Return before the due date, a penalty of Rs 200 per day shall be paid by the assessee until the time the default continues. However, the total penalty should not exceed the TDS amount.
2,499/-
All Inclusive Fees
| (Upto 20 Entries Per Quarter) |
| TDS Return Filing |
| Assistance in tax calculation and payment |
3,999/-
All Inclusive Fees
| (Upto 50 Entries Per Quarter) |
| TDS Return Filing |
| Assistance in tax calculation and payment |
4,999/-
All Inclusive Fees
| (Upto 100 Entries Per Quarter) |
| TDS Return Filing |
| Assistance in tax calculation and payment |
| Customized package available for more than 100 Entries. |
Benefits of TDS Return Filing in India
TDS Return filing on time helps the government in tracking the records of the inflow of Income. It prevents people form evading taxes.
As the TDS is to be paid on quarterly basis so there is no burden of paying the lump sum tax by the deductor in one go.
TDS return makes smoothly collection of tax by putting responsibility on deductor and helps in social welfare of society.
It prevents people from evading of taxes because TDS is deducted at the time of payment or credit. Deductor is liable to deduct TDS at the time of payment of specified natures of payment as per income tax as like payment made to Transporters, Professionals, Interest, Royalty, etc.
TDS is one kind of advance tax. It is the tax that is to be deposited with the government periodically and the onus of the doing the same on time lies with the Deductors. For the Deductee, the deducted TDS can be claimed in the form of a tax refund after they file their ITR.
TDS Return filing is very simple and instant in providing benefit to the taxpayer through from 26AS and Form 16/16A.
Shares of a company are movable property and thus can be transferred like any other property. A public company can freely transfer its shares, but there are some restrictions.
The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted.
