Overview of Tax Deducted at Source

TDS (Tax Deducted at Source) is an indirect system of deduction of tax according to the Income Tax Act, 1961 at the point of generation of income. Tax is deducted by the payer and is remitted to the government by him on behalf of the payee. TAN or Tax Deduction and Collection Number (TAN) is mandatory 10 digit alpha number required to be obtained by all persons who are responsible for Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) on behalf of the Government Online TDS return is a statement given to the IT department every quarter. It is essential for every deductor to deposit income tax and file for TDS return on time.  

TDS Rate

All TDS rates are FIXED rates i.e. 1%,2%,5%,10% But if payment made to NR/Foreign co. or payment of salary, surcharge & health and education cess shall be considered.

Documents Required to file TDS Return online

  • The following documents have to be submitted for filing the TDS returns.
  • TAN details
  • PAN details
  • Last TDS filing details, if applicable
  • The period for which TDS has to be filed
  • Date of incorporation of the business
  • No. of transactions for filing TDS returns
  • Name of the entity - Proprietorship/ Partnership/ Company/ LLP

FAQ’s On TDS Return

Who needs to files a TDS Return?

It is the duty of the person who is making payment to someone for specified goods or services to deduct TDS and file TDS return. The specified payment includes salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. The person who deducts TDS is called deductor and the person whose tax is being deducted is called deductee. TDS is not required to be deducted by Individuals and HUF.  

Who is required to file TDS return?

It is the duty of the person who is making payment to someone for specified goods or services to deduct TDS and file TDS return. The specified payment includes salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. The person who deducts TDS is called deductor and the person whose tax is being deducted is called deductee.  

I have filed an original return but I have erroneously put some wrong figures of TDS what should I do?

You do not have to worry about the same. Central Government allows rectifying all such genuine mistakes or omissions in filing the original return. Kindly quickly get in touch with our team to get a return rectified.  

Is PAN mandatory for deductors and employee/ deductee?

PAN of the deductor has to be given by non-Government deductors. It is essential to quote PAN of all deductees.  

Due Date for TDS Filing?

The due date for Payment of TDS deducted is seventh of the next month. For March, it is 30th April of the next year. The due date for TDS filing is as follows:
Quarter
Period
The due date for Filing Form 27Q
Q1
1st April – 30th June
On or before 31st July
Q2
1st July – 30th September
On or before 31st October
Q3
1st October – 31st December
On or before 31st January
Q4
1st January – 31st March
On or before 31st May

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