The TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS must be deducted at the rates prescribed by the tax department and TDS Return needs to be filed in appropriate TDS Return Forms.
1) The first requirement for filing a TDS Return is to obtain a valid TAN (Tax Deduction Account Number) and PAN (Permanent Account Number You need to assess if you are required to deduct TDS on which payments.
2) Transaction details and Payment details.
3) Usually, all types of payments such as Salaries, Interest, Professional Fees, Payment to Contractors, Rent of Machinery, Rent of Building etc are covered under liable payments.
4) There are prescribed rates for every type of TDS payments under the Income Tax Act, 1961.
1) So If you are a deductor and has made payments to resident Indians with regards to any of above, you should file Form 24Q (TDS on salary payments) and Form 26Q (TDS on payments other than salaries) on a quarterly basis. If you have made any payments to non-residents, you are required to file Form 27Q on a quarterly basis.
2) Form 16A and Form 16 (TDS Certificates) can only be generated if you have correctly filed your TDS Returns.
The TDS Return filing contains the details of total TDS deducted and the amount deposited by Deductor, TAN/PAN of the Deductor and Deductee, challan information, etc.
Our ‘CA Support India’ experts will be at your disposal to assist you with guidance concerning TDS Return Filing and its compliance for the smooth functioning of your business in India. CA Support India professionals will assist you in planning everything seamlessly at the least cost, confirming the successful conclusion of the process.
It is advisable to appoint an attorney who has experience in TDS Return Filing to avoid the loopholes around the whole TDS Return Filing and to understand the requirement in detail. Purchase a Plan for Expert Assistance
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