Tax Deducted at Source (TDS) is a mechanism introduced by the Indian government to collect taxes at the source of income generation. It is applicable to various payments made to individuals or entities, and the responsibility for deducting and filing TDS lies with the payer. In this guide, we will explore the essentials of TDS filing in India, covering due dates, types of TDS, and associated penalties.
a. Salary:
Employers deduct TDS from employees' salaries based on their income tax slab.
b. Interest:
TDS is applicable on interest earned from fixed deposits, savings accounts, or other interest-bearing instruments.
c. Rent:
TDS is deducted on rental payments exceeding a specified threshold.
d. Professional Fees:
Payments made for professional or technical services attract TDS.
e. Commission:
TDS is levied on commission payments made to agents or brokers.
f. Contractor Payments:
Payments to contractors for services rendered may attract TDS.
g. Dividends:
Certain dividends are subject to TDS.
a. Deduction:
Deduct TDS as per the specified rates for different payment types.
b. Challan Generation:
Use the Challan 281 form to deposit the deducted TDS amount to the government.
c. TDS Return Filing:
File quarterly TDS returns on the TRACES portal using the appropriate forms.
d. TAN (Tax Deduction and Collection Account Number):
Ensure that the deductor has a valid TAN for TDS compliance.
At JKStartUp360, we understand the significance of TDS compliance in maintaining the financial health of your business. Our team is dedicated to simplifying the TDS filing process, ensuring accuracy, timeliness, and complete adherence to regulatory requirements. Trust us to handle your TDS obligations, allowing you to concentrate on your core business activities with confidence.
Any individual or entity making payments specified under the Income Tax Act, such as salary, interest, rent, etc., is required to deduct TDS if the payment exceeds the threshold limit.
Due dates vary based on the type of deductor and the nature of payments. Generally, TDS returns are filed quarterly.
TDS rates are determined by the government and vary depending on the type of payment being made.
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