Tax Deducted at Source refers to a means of collecting income tax in India, under the Indian Income Tax Act of 1961. Any payment which is covered under these provisions shall be paid after deducting prescribed percentage. The tax which is deducted at source is known as TDS as the name suggests. TDS filing services are also provided by Starters’ CFO.
It is compulsory for all corporate and government deductors to file their TDS returns on electronic media (e-TDS/TCS returns). However, those deductors who are not corporate/government deductors can file either in physical or in electronic form. However, when it comes to Advance tax Calculations, many of the big companies face a problem, but we can help you with this as well.
Importance of TDS
It reduces tax- evasion.
It serves as a steady source of revenue from the government
Easier for a deductee as tax gets automatically collected and deposited to the credit of the central government
Procedure for TDS e-Filing
Go to the website https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp and fill respective challan number for TDS payments
Enter your TAN number and all other necessary details
Confirm the data so entered and login to the net-banking page
On successful TDS payment, the deductor is required to issue TDS certificate on yearly/quarterly basis.
So if you are facing any problem regarding TDS return filing services, just contact us, and we can solve your query with the help of our own professional team.
TDS is simply Tax Deducted at Source.
TDS deducted is usually deposited to the government by submitting an income tax challan along with the payment. Besides depositing tax, as a Deductor, you must also file a TDS Return. A TDS Return is a quarterly statement which has to be submitted to the income tax department.
TDS is calculated on the basis of a threshold limit, which is the maximum level of income after which TDS will be deducted from future income/payments.
TDS works on the concept that every person making specified type of payments to any person shall deduct tax at the rates prescribed in the Income Tax Act at source and deposit the same into the government's account.
TDS will not be deducted if your total income is Rs. 2, 50,000. TDS deduction rate on salary ranges from 10% to 30%.
Yes, procedure for TCS/TDS return filing in the ITD e-filing portal.
To revise your TDS returns, you will need to have the consolidated file and justification report.
The TDS refund is processed by the Income Tax department within a few months of filing returns. Usually, it takes about 6 months’ time.
It is not mandatory to file Nil TDS Return if you have not paid any amount to someone during a quarter on which TDS is required to be deducted. However, you have to file a declaration for non-filing of the TDS Return for the quarter concerned.