Avyud Consultancy offers seamless, error-free TDS return filing services, ensuring timely compliance and hassle-free tax credit for deductees. Our expert team simplifies the complexities of TDS return filing, minimizing errors and penalties while ensuring full compliance with Income Tax regulations. Whether you’re a business, professional, or individual, we provide end-to-end support for quarterly TDS filings, corrections, and compliance tracking. In addition to TDS returns, we assist with GST returns, Income Tax returns, TCS returns, and ESI filings, making tax compliance effortless. Trust Avyud Consultancy for fast, affordable, and reliable tax solutions, backed by years of expertise in business compliance and financial advisory.
TDS Return Services in Purnea, Bihar
Contact Us for TDS Return Filing Services in Purnea
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
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?
Filing TDS (Tax Deducted at Source) returns offers several advantages for both the taxpayer and the government. Here are some of the key benefits:
1. Compliance with Tax Laws:
- Filing TDS returns ensures that a business or individual complies with the tax regulations. It helps to avoid penalties, interest, and legal issues related to non-compliance.
2. Timely Payment of Taxes:
- TDS is a method of collecting tax at the source itself. Filing TDS returns helps ensure that taxes are paid on time, preventing any issues with outstanding tax liabilities.
3. Avoidance of Penalties:
- If TDS returns are not filed on time, the taxpayer can face penalties and interest charges. Filing returns on time ensures avoidance of these additional costs.
4. Accuracy of Tax Deduction:
- Filing TDS returns helps in reporting the exact tax deductions made during the year, ensuring accuracy in tax computation for both the payer and the recipient.
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.
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