Under the TDS scheme, a certain percentage of an individual’s income is deducted at the source of payment and directly remitted to the government. As a responsible TDS service provider in Bangalore, we understand that any person making payments such as salary, interest, rent, commission, or professional fees is liable to deduct TDS.
In India, TDS is administered by the Income Tax Department and is governed by the Income Tax Act of 1961. Tax is deducted at source to ensure that every person pay their taxes in a timely and efficient manner. It is a way the Government collects the taxes in advance for the income earned by the assessee.
Tax regulations change all the time. Goods and services move from one tax brackets to other. We are very keen with the numbers.
So many invoices, bills move in and out of an organization. Businesses have many things to look after for. We remember the dates and deadlines for you.
It helps the employees and employers alike to keep their book in check. These certificates provide details of TDS / TCS for various transactions between deductor and deductee.
There will be moments of error and misjudgements. On behalf of you, we'll not let such things happen. Our experienced accountants halp you keep your book clean and in good shape.
Tax deducted during the month of April to February should be paid to the credit of the Government on or before 7 days from the end of the month in which the deduction is made and tax deducted during the month of March should be paid to the credit of the Government on or before 30th day of April.
The TDS return should be filed on a quarterly basis within the last day of the month falling after the quarter, however for the last quarter Jan- March, the due date for filing the TDS return would be May 31st.
The Tax Deduction / Collection Number is mentioned on all TDS / TCS Documents. The amount is collected as per the applicable rate. TDS return should be submitted within the specified due dates. Certificates of TDS shall be issued to deductees in respect to the tax amount deducted / collected
Late filing fee and penalty on failure to file the TDS return: Failure to file TDS return attracts Rs. 200 for every day during which the failure continues. However, it shall not exceed the amount of TDS. Minimum penalty can be levied of Rs. 10,000 which can go up to Rs. 1,00,000.
Interest will be levied at 1% for every month or part of a month for delay in deduction. Interest will be levied at 1.5% for every month or part of a month for delay in remittance after deduction.
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