New Tax deducted at Source & Tax Collected at Source Update
TDS/TCS Statements, LRS, Rate of TCS, New TDS or TCS, Tax deducted at Source & Tax Collected at Source, New Tax deducted at Source & Tax ...Read More
TDS is among the tax collecting methods in which a individual making or crediting a charge to another needs to subtract a certain proportion of the value from that sum. TDS is like a cash tax charge to the state. It's in preparation. The sum of the TDS shall be paid by the Deductors to the Treasury. Account up until the 7th of the next month in which the balance is withdrawn. As the TDS is being paid by the Deductors to the Treasury. The Accountant shall ensure the daily inflow of cash capital to the State at appropriate intervals.
The Income Tax Act allows defined individuals to subtract tax for some forms of payments made by them. The list of these individuals needing the development of TDS is specified in the TDS section set out below. The following are the specified person who is liable to deduct TDS.
TAN is an alpha numeric 10 digits number. Every person who is accountable to deduct tax at source must obtain TAN no. from the department in form no. 49B within one month from end of the month in which tax was deducted. TAN is needed to be mention on every transaction related to TDS. There is a penalty of Rs. 10000 on failure to apply TAN
Procedure to pay TDS
Due Date of deposit of Challan 281 and filling quarterly return of TDS
Every person who is accountable to deduct TDS shall deposit the TDS deducted by him by 7th of following month in which TDS is deducted however Due date of deposit of TDS for the month of March is 30th April
The deadline of the quarterly TDS return is 15th of the next month in each year, although this deadline could be 15th in the case of the quarter ended March 20XX
Penalties and interest in the event of non-filling / non-deduction and late deposit of the TDS sum.
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