Tax Deducted at Source, as the name suggests, is the tax deducted at the time the income is received by or credited to the â€œpersonâ€ so that collection of tax is preponed and there is regular flow of taxes to the government. TAN or Tax Deduction and Collection Number (TAN) is mandatory 10 digit alpha number required to be obtained by all persons who are responsible for Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) on behalf of the Government. TDS is deducted on various types of income such as salary, interest on bank deposits and bonds, winnings from lotteries and horse races, payment to contractors and sub-contractors, insurance commission, commission or brokerage, rent, fees for professional and technical services etc. TDS has to be deposited to the credit of the Central Government and TDS Returns should be filed within due dates prescribed by the Income Tax Act, 1961. TDS Certificates have to be issued by the detector giving details of tax deducted. TDS returns are due quarterly.
We offer service to clients who are looking for faster and affordable services for TDS compliances outsourcing and advisory. Our experienced team shall take care of your TDS compliance of tax calculation, tax payments, filing of TDS return and give you update on TDS changes. We shall ensure that all legal and administrative and tax planning aspect of TDS compliances are taken care. File TDS return on or before due date to avoid penalty and noncompliance.
Once a TAN is allotted, it is valid for lifetime. TDS return filling arise on the quarterly basis. For non filling of TDS return in due time penalty will be applicable.
TAN is a 10 character alpha-numeric code issued by the Income Tax Department for persons responsible for deducting or collecting tax at source.
TDS has to be deposited monthly within 7th of the following month. TDS Returns are to be filed quarterly. For non filling of TDS return in due time penalty will be applicable.
Tax Deducted at Source must be paid into authorized bank, quoting the TAN and using Challan 281. TDS need to be paid on or before due date of payment to avoid interest.
Failure to deduct tax at source shall attract penalty equal to the amount of tax deductible along with interest @ 1% per month. There are various other rigorous penalties for non-deposit, short deposit or late deposit.
TDS is deducted under various activities subject to the nature of income such as Salary, Rent, Interest, Income from Catering, Advertising, Royalty etc. The rates of TDS and threshold limits are different under different sections.
Our expert team work under supervision of Chartered Accountant. Ensuring latest income tax changes in law effect given TDS.
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Our office uses Latest TDS softwares for filing. Use of latest software as per requirements of Traces.Our TDS solutions are reliable.
By Out sourcing TDS Compliances your can take save time spent on filing , revision , generate forms etc. Out sourcing helps you to save time.
Get one stop solution for your TDS Consultancy, Filing, Notices etc. Our professional team provide such services under one ruff.
TDS Payment due date is each month. We send you reminders for TDS Payment. And Quarterly reminders for filing. Keep you updated.
Our Team can help you in filling TDS retun under Income Tax Act. Advise on payments of Taxes.
Our expert team will prepare TDS Return working on basis of data shared for the period.
After verificaiton of data by you our team will file TDS Return to goverment site
TDS is an amount which is deducted from payment made to the vendor or employee where threshold limit cores and deposited with the Government. The vendor or employee gets credit of that amount while filing his Income Tax Return.
Following are the basic duties of the person who is liable to deduct tax at source.
Company Need to pass ordinary resolution in General Meeting or Extraordinary General meeting. Prepare necessary documents for removal of director. Company to do Filing at ROC through practicing professionals at Ministry of Corporate Affairs.
Every person liable to deduct tax at source or collect tax at source is required to obtain TAN. However, a person required to deduct tax under section 194IA (*) can use PAN in place of TAN as such person is not required to obtain TAN.
TAN is allotted by the Income Tax Department on the basis of the application submitted to TIN Facilitation Centres (TIN-FC) managed by NSDL.
As per section 203A of the Income-tax Act, 1961, every person who deducts or collects tax at source has to apply for the allotment of TAN. Section 203A also makes it mandatory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment challan, TDS/TCS certificates and other documents as may be prescribed. As per section 272BB, failure to apply for TAN or not quoting the TAN in the specified documents attracts a penalty of Rs. 10,000/-.
Return, which comprises of Only Zero/NIL Deductions in deduction details and no challan details (Apart from a NIL Challan Indication) is called NIL Return.
No. You are required to have a separate Tax Deduction Account Number (TAN) by making an application in Form 49B with the TIN facilitation center of NSDL.
The annual statement will be issued for all tax deducted and tax collected at source from F.Y 2005-06 onwards after the expiry of the financial year u/s 203AA
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