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TDS/TCS RETURN SERVICES

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TDS/TCS RETURN SERVICES

TDS (TAX DEDUCTION AT SOURCE)

TDS, Tax deduction at source means the tax required to be paid by the assesses, TDS is deducted by the person paying the income to him. Thus, the tax is deducted at the source of income itself. Tax Deducted at Source (TDS) is a means of collecting income tax in India, governed under the Indian Income Tax Act of 1961. It is managed by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue managed by Indian Revenue Service (IRS).It has a great importance while conducting Tax Audits. TDS is based on the principle of ''pay as and when you earn''.TDS is a win-win scenario for both the taxpayers and the government. Tax is deducted when making payments through cash, credit or cheque, which is then deposited with the central agencies.
TDS/TCS RETURN SERVICES

TCS (TAX COLLECTION AT SOURCE)

Tax Collected at Source is known as TCS. It means tax being collected from the source by the seller (collector) from the buyer (Collectee/payee) for goods traded under section 206C (1) of Income Tax Act, 1961. TCS is collected when acquired or when paid whichever is earlier. Tax collected at source is applicable to any business or trade dealing with alcoholic liquor, forest produce, scrap, etc. It also includes lease, license, or contract related to parking lots, toll plaza, mines, and quarry, etc. as defined in section 206C of Income Tax Act, 1961. For TDS and TCS registration one has to make an application for TAN (Tax Deduction Account Number).

TDS Payment

Tax Deducted at Source has to be deposited using Challan ITNS-281 on the government portal, on or before the below mentioned due date.

TDS Payment Transactions reported in the return Due date
Apr-To Feb Months Every Taxpayer have to deposit TDS from April To Feb months by 7th of every month. 7th of the following month
For March Every Taxpayer have to deposit TDS for March month by 30th April 30th April

TDS RETURN

For any tax deducted or collected at source on certain payments, on or after 1st April 2010, a quarterly TDS/TCS statement is required to be submitted. The Form in which these quarterly returns have to be submitted is specific to the nature of deduction.

Form No Transactions reported in the return Due date
Form 24Q TDS on Salary Q1 – 31st July
Q2 – 31st October
Q3 – 31st January
Q4 – 31st May
Form 27Q TDS on all payments made to non-residents except salaries Q1 – 31st July
Q2 – 31st October
Q3 – 31st January
Q4 – 31st May
Form 26QB TDS on sale of property 30 days from the end of the month in which TDS is deducted
Form 26QC TDS on rent 30 days from the end of the month in which TDS is deducted

What is a TDS certificate?

TDS certificates have to be issued by a person deducting TDS to the assessee from whose TDS was deducted while making payment. For instance, banks issue Form 16A to the depositor when TDS is deducted on interest from fixed deposits. Form 16 is issued by the employer to the employee.

Form Certificate of Frequency Due date
Form 16 TDS on salary payment Yearly 31st May
Form 16 A TDS on non-salary payments Quarterly 15 days from due date of filing return
Form 16 B TDS on sale of property Every transaction 15 days from due date of filing return
Form 16 C TDS on rent Every transaction 15 days from due date of filing return

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