As
per the Indian taxation code, TDS is known for tax deduction at source. TDS is
considered as a kind of proper tax which is deducted from the income of any
individual or association before the cash is credited into their account. The government
produces revenue by imposing TDS on the people and their organizations. The
rules and regulations of TDS are controlled under the Income Tax Act of 1961 by
the Central Board of Direct Taxes (CBDT).
As
the name recommends, "Tax Deducted at Source" infers that the payee
deducts the tax before making any payment to the receiver. TDS is pertinent to the
wage that is earned consistently and furthermore on the wage that is earned occasionally
or sporadically. Along these lines, TDS is appropriate for different
livelihoods including however not constrained to Salary only, Rent, Commission,
Professional Fees, and Interest.
Have a look on the benefits of TDS
Return
TDS
is payable on the profit so take note of that the obligation to pay TDS is liable
in case of, income really occurring. TDS is deducted before making payments. The
deductions are made when the payments are on cash, cheque or credit. The
deducted TDS is additionally kept with different government offices. TDS
Return filing has different points of interest which are as follows:-
·
Deducting TDS at source forestalls tax evasion.
·
A Tax deduction is done appropriately
and in a timely manner.
·
Because of TDS, countless people come
under the tax net.
·
Revenue generation is a steady source of
government.
What is TDS Return?
A
TDS Return is a rundown of the
considerable number of transactions identified with TDS made amid a quarter.
TDS Return is a quarterly statement which is submitted to the Income Tax
Department by the deductor. The statement consists of all the summary of
entries by the deductor for TDS filing to the Income Tax Department. The TDS Returns statement incorporates many
details such as the PAN number of the deductor and the deductees. Apart from
this, the TDS which is paid to the government and TDS Challan information is
also maintained in the statement.
What
Are the Due Dates For Filing TDS Return?
Have a look at the following chart to
know the due dates of the financial year 2018-2019.
Quarter
|
Quarter
Period
|
Last
Date of Filing TDS Returns
|
1st Quarter
|
From
1st April 2018 to 30th June 2018
|
31st July
2018
|
2nd Quarter
|
From
1st July 2018 to 30th September 2018
|
31st October
2018
|
3rd Quarter
|
From
1st October 2018 to 31st December 2018
|
31st January
2019
|
4th Quarter
|
From
1st January 2019 to 31st March 2019
|
31st May
2019
|
What are the types of TDS Returns
Form?
There
are many types of TDS Return Forms that are applicable to different situations
based on the income of the deductee and the type of deductee on which TDS is
implied.
Type
of TDS Return Form
|
Particulars
of TDS Return Form
|
Form
24Q
|
Contains
a statement of TDS from the salaries
|
Form
26Q
|
TDS
on all payments apart from salaries.
|
Form
27Q
|
TDS
on income received from interest, or any amount payable to non-residents.
|
Form
27EQ
|
Collection
of TDS.
|
Get
anytime help from the experts at Enterslice if you are applying online TDS Return. We being the reliable online legal service
provider, offers relevant and precise solutions to our customers. Customer
satisfaction is of utmost importance to us, we will feel glad to serve you in
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Source
url - http://enterslice.over-blog.com/2018/07/the-importance-benefits-of-tds-return-form.html
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