Income tax is applicable for everyone and everything that generate income. The IT Act, 1961 regulates the collection, recovery, and administration of income tax in India.
TDS Return Services in Purnea, Bihar
Quickly file error-free TDS return with Avyud Consultancy This ensures seamless credit to the deductee. Avyud Consultancy is a renowned business platform and a progressive concept, helping clients in India and abroad with end-to-end Incorporation, Compliance, Advisory and Management Consultancy services. Filing of TDS return with Avyud Consultancy is easy, seamless, cheap and fast. Apart from TDS returns, Avyud Consultancy also helps you file GST Returns, Income Tax Returns, TCS Return and ESI Returns with ease.
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Why is TDS Return important to File Tax Returns
Income tax authorities allow you to self assess your income and accordingly pay taxes. Many people tend to believe that his/her income tax return is a drop in the ocean for the income tax authorities and hence not declaring income or understating income may well be worth because it saves you a few bucks. Deliberately hiding your income from the income tax authorities, to reduce your tax liability, amounts to tax evasion. Some examples of tax evasion include, not declaring interest received on bank fixed deposits or accepting income in cash and not route it through the official system.
There is a perception among several individuals that having paid taxes via TDS, filing of returns is not important, because after all, the government’s main objective is to ensure that its tax kitty is getting the revenue due to it. This is a misconception and it is essential to know that it is our constitutional obligation to file tax returns when you are required to do so. So your job does not end at paying taxes, filing returns is equally important.
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When Does TDS Become Essential to File Returns?
It is essential to file returns when your income crosses/exceeds the basic exemption limit even if it means that on account of you investment planning, your tax obligation may be nil. So for FY 2009-10, filing of tax returns is essential if
- Individuals have taxable income exceeding Rs.160,000 p.a.
- Women have taxable income exceeding Rs.190,000 p.a.
- Senior Citizens have taxable income exceeding Rs.240,000 p.a.
Documents Required to File TDS Return
The following documents have to be submitted for filing the TDS returns.
TAN Details
PAN Details
Last TDS Filing Details
Date of Incorporation
No. of Transactions
Name of the Firm
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FAQs for TDS Return Filing Services
What is TDS Return Filing?
Tax Deducted at Source (TDS) is a system of Indirect Tax Collection by Income Tax Department, where an individual is responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc. is liable to deduct a certain percentage of tax before making payment in full to the receiver of the payment. As the name suggests, the concept of TDS is to deduct tax at its source and it is an indirect tax collection with the concept of “pay as you earn” and collect as it is being earned”.
A TDS Return is a quarterly statement which has to be submitted to the income tax department. Submitting TDS Return is mandatory if you are a deductor. It has details of TDS deducted and deposited by you.
What Is TAN and How to apply?
TAN stands for Tax Deduction Account Number. It is 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. Under Section 203A of the Income Tax Act, 1961, it is mandatory to quote Tax Deduction Account Number (TAN) allotted by the Income Tax Department (ITD) on all TDS returns. The procedure for application of TAN is very simple and can be done online by filling up Form 49B. Please refer to NSDL Site in order to Apply For TAN.
What are Advantages of TDS Return Filing?
TDS deduction focuses on the idea of paying tax along with earning. TDS payment must be made irrespective of the mode of payment, i.e., cash, cheque or credit.
Advantages of TDS
As tax deduction takes place throughout the year, it ensures a continuing flow of revenue to the Government.
- It is a measure to prevent tax evasion.
- It helps in increasing the tax reach as it is deducted at the time of payment itself preventing the commitment of fraud.
Who needs to file TDS Return?
It is the duty of the person who is paying someone for specified goods or services to file TDS return after deducting TDS. Specified payments include salary, interest, commission, brokerage, professional fees, royalties, contract payments, etc. The person who deducts TDS is called the deductor and the person whose tax is being deducted is called the deductor. TDS is not required to be deducted by individuals and HUFs.
What is The Objective of TDS Return Filing?
The main purpose of filing TDS return is to tally or balance the amount paid as income tax as per the details in the income tax return.
Is PAN Mandatory for Deductors and Employees?
Yes. It is mandatory for deductors and employees to submit their PAN as well.
Our Other TDS Return Services in Purnea, Bihar
GST Filing
With the presentation of Goods and Service Tax, citizens are required to satisfy an arrangement of compliances which commands them to document different returns for each Financial Year.
ESI Return
While you pay Employees’ State Insurance (ESI), only your Registration ID is shared and the ESI contributed. But, the details of employees also needs to be shared with ESIC.
