Tag Archives: TDS

TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments. Usually, the person receiving income is liable to pay income tax. But the government with the help of Tax Deducted at Source provisions makes sure that income tax is deducted in advance from the payments being made by you. The recipient of income receives the net amount (after reducing TDS). The recipient will add the gross amount to his income and the amount of TDS is adjusted against his final tax liability. The recipient takes credit of the amount already deducted and paid on his behalf.

Who is required to file e-TDS return?

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As per Section 206 of Income Tax Act all corporate and government deductors are compulsorily required to file their TDS return on electronic media (i.e. e-TDS returns). Besides, those persons requiring to get their accounts audited u/s 44AB and those deductors in whose records there are twenty or more deductees are also to submit statements… Continue reading →

What are the forms to be used for filing annual/quarterly TDS/TCS returns?

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Following are the returns for TDS and TCS and their periodicity: Form No Particulars Periodicity Form 24 Annual return of “Salaries” under Section 206 of Income Tax Act, 1961 Annual Form 26 Annual return of deduction of tax under section 206 of Income Tax Act, 1961 in respect of all payments other… Continue reading →