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TDS Return Filing

TDS or Tax Deducted at Source is tax reduced from the cash paid at the time of creating specified payments like rent, commission, professional fees, salary, interest etc.

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TDS Return Filing

TDS Return Filing

What is TDS and why it is deducted?

TDS or Tax Deducted at Source is tax reduced from the cash paid at the time of creating specified payments like rent, commission, professional fees, salary, interest etc. by the persons making such payments. Usually, the person receiving income is susceptible to pay tax.

What is TDS Return filing? A person who is susceptible to deduct tax at source has got to file the TDS return as a part of compliance. A TDS return is submitted by Tax Deductor in respect of each quarter with the tax Department. The return may be a statement that entails the small print of the tax collected, source of collection and tax paid to Government for the reporting period. Generally, tax is deducted on transactions like Salaries, payment to professionals and contractual basis, payment of rents exceeding specific amount, etc. For every such sort of transaction and payment, there's prescribed rate of interest. The deductee can claim the advantage of the tax deducted while ITR filing, as long as the deductor has filed the TDS return on time.

Documents required for online TDS Return Filing
  • PAN
    • The Tax Account Number of the deductor
  • TAX PAID RECEIPT
    • Acknowledgment receipt of the tax paid to Government
  • DETAILS OF TAX DEDUCTED
    • Provide us details of the tax deducted
  • DETAILS OF SUPPLIES
    • Details of the inward and outward taxable supplies alongside details of invoice.
Advantages of TDS
  • It prevents people from evading taxes.
  • It ensures a steady source of revenue for the Government.
  • The Tax Collection base is widened.
  • The burden of responsibility of the collection Agencies and therefore the Deductor are lessened.
  • It is convenient for the deducte as Tax is automatically deducted