TDS & Income Tax Compliance – Overview
Tax Deducted at Source (TDS) is a mechanism through which the Government of India collects tax at the time of transaction itself.
The tax is deducted either at the time of credit to the payee’s account or at the time of payment, whichever is earlier.
TDS is commonly deducted on salary payments, insurance commissions, and other specified transactions. The deductor must deposit the deducted tax with the Income Tax Department within the prescribed time.
TDS generally ranges around 10% or as specified under the Income Tax Act.
Online TDS return filing is a convenient and hassle-free way to meet your tax obligations. It saves time and ensures accuracy.
Filing TDS returns online through SHREE GIRI GST TAX Associate provides step-by-step guidance, reduces errors, and minimizes the risk of penalties or scrutiny from tax authorities.
The online system also maintains secure records of submissions, helping businesses stay compliant with tax regulations.
Any employer or entity with a valid TAN (Tax Deduction and Collection Account Number) can file TDS returns online.
An assessee must file TDS returns within the due date to avoid penalties.
You can also calculate TDS on salary online using the TDS Interest Calculator at SHREE GIRI GST TAX Associate.
A TDS Certificate (Form 16 or Form 16A) is issued by the deductor to the employee or payee at the end of the financial year.
It contains details such as income earned, TDS deducted, and tax deposited with the Income Tax Department.
The certificate is used while filing income tax returns to claim credit for the tax already paid.
A TDS return form is used to report tax deductions made from income and is filed with the Income Tax Department of India.
The form includes details such as:
TDS returns can be filed electronically or physically. Timely filing is essential to avoid penalties and interest.