TDS stands for Tax deducted at Source which is a form of direct tax levied by the Government of India. TDS compliance is the responsibility of the person making the payment who has to deduct a certain percentage of the money paid to the payee. The TDS procedure is straightforward, making compliance hassle-free and seamless. Any entity that is required to deduct TDS has to complete a TDS return filing every quarter.
The entity that is deducting the tax at source is required to deposit the tax with the Central Government. Interests from the bank, salary, payments to freelancers, payment for commissions, lottery winnings, etc. all fall under the purview of TDS. Employers who pay salaries to the employees are required to deduct TDS. The source that is deducting the payment is called deductor, whereas the person from whom the payment is deducted is termed deductee.
Once the TAN number is registered with the Government of India, it is valid for a lifetime. The taxpayer need not renew it every year and can use it to pay TDS.
Under TDS, there is no burden of paying taxes at a lump-sum amount. The taxes are deducted from source and reported quarterly. This makes the payment of taxes hassle-free and smooth.
TDS is a convenient method of tax payment because the taxes are automatically deducted. There is no long and time-consuming procedure for the deduction of taxes. The same is reflected in the Form 26AS provided which has details of all the TDS that is deducted.
TDS is a steady source of income for the government of India. As it is levied and is deducted voluntarily, the government earns regular revenue from TDS.
Arrange and provide basic documents as per the list provided by us.
Make the payment of registration fees.
An application is to be filed online.
Get the acknowledgment of TDS return
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If the employee’s income falls under the taxable income slab then he or she is liable to pay TDS. So, any individual with income less than 2.5 lakhs, a senior citizen with income less than Rs. 3 lakhs and super senior citizens with income less than Rs. 5 lakhs will not be eligible for TDS deduction as their income does not fall under the income tax slab.
No, only the deductor is responsible to pay any penalty related to non-compliance and lack of timely TDS payment to the government.
There are many types of TDS return forms that need to be filed depending on the type of deductor. The forms are as follows:
Yes, PAN and TAN are both mandatory for filing the TDS returns.
The deductor or the employer needs to issue a TDS certificate which is called the Form 16 or 16A. This form reflects the TDS deducted along with the list of deductees. Also, Form 26AS reflects the total amount of TDS deducted by any deductor.