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Tax deducted at source is one of the modes of collecting Income-tax from the assesses in India. Such collection of tax is effected at the source when income arises or accrues. Hence where any specified type of income arises or accrues to any one, the Income-tax Act enjoins on the payer of such income to deduct a stipulated percentage of such income by way of Income-tax and pay only the balance amount to the recipient of such income. The tax so deducted at source by the payer, has to be deposited in the Government treasury to the credit of Central Government. within the specified time. The tax so deducted from the income of the recipient is deemed to be payment of Income-tax by the recipient at the time of his assessment. Income from several sources is subjected to tax deduction at source.
Presently this concept of T.D.S. is also used as an instrument in enlarging the tax base. Some of such incomes subjected to T.D.S. are salary, interest, dividend, interest on securities, winnings from lottery, horse races, commission and brokerage, rent, fees for professional and technical services, payments to non-residents etc. It is always considered as an Advance tax which is paid to the government when we are being paid for provision made by us in the form of products or services.
E-TDS returns are prepared in form No. 24, 26 or 27. As per our Government of India Income Tax Act all government and corporate deductors and collectors are required to file their TDS (Income Tax Deducted At Source) returns on electronic media.
Income tax is required to be deducted at source on certain payments, such as salaried, interest, payments to contractors, insurance commission, etc. CHOKSI TAX SERVICES helps you in preparation of e-TDS Quarterly returns and Annual filings. The tax so deducted is to be deposited into the Govt. of India and treasury within the prescribed time limits.
Dates for Depositing of the TDS
Tax has to be deposited within one week from the last day of the month of deduction. Tax has to be deposited within one week from the date of deduction in case of TDS on Salary, Dividends, Winnings from lottery or Crossword Puzzles or Repurchase of units by Mutual Funds or UTI. The quarterly statement of TDS is filed on computer media CD/floppy (in case of a company, government deductor, deductor to be audited under section 44AB and deductor with 50 or more deductees in a quarter) and using Form 24Q (TDS salary) and 26Q (TDS other) with acknowledgement Form 27A. The due dates are 1st Quarter – July 15, 2nd Quarter October 15, 3rd Quarter Jan 15 and 4th Quarter June 15. The TDS returns are accepted by only TIN centers and not by Income Tax Department.
Interest and Penalty on Late deposit of TDS
If the TDS amount is not deposited by the required date, then for each month you must add an interest equal to 1% of the TDS amount. Even if the delay is by one day, you will pay one month’s interest. If the TDS return is not filed by the due date, there is a penalty of Rs. 100 per day subject to maximum limit equal to the TDS amount.
CHOKSI TAX SERVICES provides ETDS filing related services. Reach us for more information, for resolving your complex queries and easily meet our team of experts by calling on 1800–123– 2100 (Toll Free) or mail us your query at firstname.lastname@example.org.