TDS Return Filing

Overview

TDS (Tax Deducted at Source) is an indirect system of deduction of tax according to the Income Tax Act, 1961 at the point of generation of income. It was introduced 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. In the case of salary payment or the life insurance policy, the tax is deducted at the time when the payment is done. The deductor is required to deposit this amount with the Income Tax Department. Through TDS a portion of the tax is paid directly to the Income Tax Department. The Tax is deducted usually over a range of 10%.

The employer is obliged to file TDS returns under the Tax Collection and Deduction Account Number (TAN) with regards to the payment categories of businesses and individuals. These categories of TDS Return Filing Noida are as follows:

• The wage of an individual
• Income from Insurance Commission or any other source, such as lottery puzzles, etc.
• A payment derived from the National Savings Scheme

Should there be a delay in Income tax return filing in Gurugoan or any other city, the individual or entity will be subject to penalty. Categories eligible for electronic filing of TDS returns include:

• Any Company 
• Accounts of individuals that are audited as per Section 44AB of the Income Tax Act are subject to audit.
• People were working in positions of authority within the Government.

DUE DATE FOR TDS FILING

The due date for the payment of the TDS deducted is the seventh of the next month.

Benefits

TDS return filing is mandatory as per I-T Act, 1961. Some of its benefits are listed below:

• It helps in regular collection of taxes from people.
• It ensures a flow of regular income to the government
• It reduces the burden of lump-sum tax payment. It helps in spreading the entire tax payment over a number of months which makes it easier for the taxpayer.
• TDS filing offers an easy mode of tax payment to the payer.

Tax Deducted at Source (TDS) is dependent upon the amount of income an individual earns. Filing Income Tax Return in Ghaziabad offers advantages to both the government and the tax payer. Whenever a payment is made via cheque, cash, or credit card, a certain amount of tax is deducted and subsequently deposited to the Income Tax Department.

Checklist

TDS RETURN FILING

TDS return filing is a quarterly statement that is to be given to the Income Tax department.

Who Can File TDS Returns?

TDS return has to be filed by organizations or employers who have availed a valid tax collection and deduction number (TAN). It is the responsibility of the person who is making payment to someone for specified goods or services to deduct TDS and file TDS return. The specified payment includes salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. The person who deducts TDS is called deductor and the person whose tax is being deducted is called deductee.

Documents Required

Before income tax return filing in Delhi NCR you might need the following listed documents for further procedure: 

• TDS Certificates of assessee
• PAN Card information of the deductee
• Bank account details linked with it
• Challans of payment of tax either self assessed or employer assessed
• In order to respond to a notice from the IT department, the original document that was issued must be provided
• Transaction details

Why Companyadda

We’ve listed some reasons why you should choose Company Adda as your Tax Return Consultant in Greater Noida. Read on to know more. 

• We strive to adhere to the minimal legal requirements
• With us clients can monitor the progress of their projects on our platform at any time.
• We offer competitive prices and hence Income Tax Return Filing in Noida is easy with us.
• We will ensure that your experiences with professionals are positive and effortless.
• Our goal is to ensure our clients are completely satisfied with the legal services we offer.

You should remember that it’s essential that you choose a right Tax Return Filing Consultants in Delhi to prevent evasion of taxes.