TDS RETURN

Tax deducted at source (TDS), aims at collection of revenue at the very source of income. It is essentially an indirect method of collecting tax, which combines the concepts of "pay as you earn" and "collect as it is being earned". Its significance to the government lies in the fact that it propones the collection of tax, ensures a regular source of revenue, provides for a greater reach and wider base for tax. At the same time, to the taxpayer, it distributes the incidence of tax and provides for a simple and convenient mode of payment.

The concept of TDS requires that the person on whom responsibility has been cast, is to deduct tax at the appropriate rates from payments of specific nature which are being made to a specified recipient.

The deducted sum is required to be deposited to the credit of the Central Government quoting the TAN number. The recipient from whose income tax has been deducted at source gets the credit of the amount deducted in his personal assessment on the basis of the certificate issued by the deductor.

Those entities that have TAN Registration must file TDS returns. TDS returns are due quarterly, details to be furnished in these returns include fields like TAN No., TDS Payment, amount deducted, type of payment, PAN No. etc. Allindiataxfiling.com can help you e-file your TDS returns online.