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TDS (Tax Deducted at source) is a form of indirect tax collected by the revenue authorities of Indian government as per the Income Tax Act 1961. This tax is usually collected at the time of generation of income or rather at the time of making payment. Tax is deducted and remitted to the account of Indian government by the person making the payment. This tax is deposited on behalf of the person receiving the payment.
TDS is based on the concept of ‘Pay as you earn’. To provide the benefit of tax deducted to the person receiving the payment, it is mandatory to file a TDS return by the deductor. The whole concept of TDS deduction, collection, deposit and return filing is regulated by an authority called CSEB in India. It has provided certain guidelines for the same and impose penalty when they are breached.
Form 24Q is filed in case TDS is being deducted from salary. An employer files it. TDS return form 24q contains the detail information of salary paid and credited to the account of the employee along with the TDS deducted and payment details of the same.
On payment being made for the transfer of immovable property, if tds is being deducted Form 26 Q is filed in that case.
If a payment to non-resident required TDS deduction. In this case, TDS filing is done through form 26QB.
TDS return form 26Q is filed for any other case like interest payment, commission payment, professional fees payment, contractual payment etc.
Any Person or company making payment if it exceeds certain limit has to deduct TDS and deposit the same with Government. This person is deducter, The person receiving payment is deductee. Each deducter has to issue certificate stating the amount paid and how much TDS has been deducted on same. Deductor has to mandatorily file TDS return every quarter.
The deducteee can claim this TDS deducted as tax paid by him for the financial year in which TDS has been deducted. Rates: There are prescribed rates specified based on the nature of payment being made.
TAN is an alphanumeric 10 digit number required by a person who is liable to deduct TDS and file TDS return in Noida. Thus such person must make an application within a month of deducting TDS for allotment of Tax Deduction and Collection Number (TAN) in Form 49B. This number allotted is mandatory to mention in all TDS Certificates issued, returns, challans etc. If a person fails to apply for TAN he may be penalized up to Rs. 10,000/-. Income Tax Department
Different tds return forms in Noida are prescribed based on the nature of payments.
First For tds deducted on salary tds form 24Q is applicable,
Second for tds deduced on interest, dividend or another sum payable to non-resident tds form 27Q is applicable,
Third, for tds deducted on all payment except salary tds form 26q is applicable
When your employer deducts tds as applicable on your salary, Employer file tds form 24q and issue tds certificate to the employee. At the time of filing an income tax return, the employee can claim the portion of tds deducted by the employer.
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