TDS Return Filing

TDS is Tax Deducted on Source, the Government of India has prescribed certain transactions in which TDS is required to be deducted and is required to be deposited with the Government. The assessee is also required to file TDS Returns on Quarterly basis, abiZa helps your calculate your TDS Liability on a monthly basis and file your returns on a quarterly basis.

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Tax Consultants in Gurgaon, TDS Return filing

Overview Of TDS Returns

Tax Deducted at Source or TDS

Tax Deducted at Source or TDS is a type of advance tax which is deducted from the earnings of an individual or an organization before the money is actually credited into that entity's account, according to the Indian Taxation Code. The government is able to generate revenues by implementing the provisions of TDS on the earnings of individuals as well as businesses. Rules and regulations regarding TDS are controlled and governed under the Income Tax Act, 1961 by the Central Board of Direct Taxes (CBDT).

As the name suggests, "Tax Deducted at Source" implies that the payee or the employer deducts the tax before making a payment to the receiver. Tax Deducted at Source is applicable on income earned regularly and also on the income earned occasionally or irregularly. Thus, TDS is applicable on various incomes, including, but not limited to Salary, Commission, Rent, Professional Fees and Interest.

Advantages of payment of TDS

TDS is payable on the earnings so it is important to note that the liability to pay TDS is applicable only in the event of earnings actually taking place. TDS is deducted before making payments. Deductions are to be made on payments that are made in cash, cheque or credit. The amount deducted under TDS is further deposited with various government agencies. Payment of TDS has various advantages which are as follows :

  1. 1. Deducting TDS at source prevents tax evasion.
  2. 2. Tax collection is done duly and in a timely manner.
  3. 3. A large number of people come under the tax net.
  4. 4. Collection of TDS is a steady source of revenue for the government.