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TDS Returns
TDS (Tax Deducted at Source) is a system introduced by the Income Tax Department to collect tax at the source of income
Demystifying Tax Deducted at Source (TDS) Provisions
Tax Deducted at Source (TDS) is a crucial component of income tax, requiring individuals to deduct tax at the time of making specified payments.
Major TDS provisions are 192B, 194I, 194J, 194C, 194H, 194A, 194Q and 195(in case of non resident recipient)
Unlocking Growth Potential with a TDS Returns
Understanding TDS
TDS, or Tax Deducted at Source, entails the deduction of income tax from specified payments such as rent, commission, professional fees, salary, and interest by the payer. While the recipient of income is typically liable to pay income tax, TDS provisions ensure advance deduction of tax at the source. Consequently, the recipient receives the net amount after TDS deduction. The gross amount is added to the recipient’s income, and the TDS amount is adjusted against the final tax liability. The recipient can claim credit for the amount deducted and paid on their behalf.
Why Choose Sandeep Nalla And CO. for Your TDS Returns
Understanding TDS provisions is essential for both payers and recipients of income. By adhering to TDS regulations, Tax Payers ensure compliance with income tax laws while facilitating smooth and transparent tax collection mechanisms. Our team guides you towards proper compliance in the right way and within the stipulated time.
Key Takeaways
TDS is deducted by the payer from specified payments to ensure advance income tax collection.
Recipients receive the net amount after TDS deduction, with the gross amount added to their income.
TDS amount is adjusted against the recipient's final tax liability, allowing for credit of the amount deducted and paid on their behalf.
TDS Returns and Due Dates
Form No | Transactions reported in the return | Due date |
Form 24Q | TDS on Salary | Q1–31stJuly |
Form 27Q | TDS on all payments made to non-residents except salaries | Q1 – 31st July |
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 |
Embracing the TDS Returns
Take the First Step Toward Growth and Stability with Sandeep Nalla And CO