TDS (Tax Deduction at Source) is a kind of Indirect Tax which deducted by Employers for salaried person or Debtors who pay amount against our product/service etc. according to the Income Tax Act, 1961 at the point of generation of Income Tax.
It is a tax which is paid in advance by those people who are responsible for making payments in the form of salary, contract payment, dividends, Funds, etc. to the Government as per the Income Tax Slab Rate. Those people who deducting the tax is known as deductors and whose tax is being deducted is called a deductee.
The recipient of Income receives the net amount after deducting TDS which may be in the form of cash, cheque, and credit in payee’s account. Any person can do TDS Return Filing through Tradenfill.
The payee does not need to pay tax if he or she gives the investment proof to his employer for claiming deductions and his total taxable income is below the limit of Tax.
TDS Return Filing is a process which contains quarterly statement submitted to the Income Tax Department and is required to be submitted by the deductor.
Types of TDS Forms
There are basically three main types of TDS forms like;
- Form 24Q, which is for the statement for tax deduction at source from salary.
- Form 26Q, which is for the statement for tax deduction sourced from everywhere except for the salary.
- Form 27Q, this form is basically for the statement for the tax deduction of the source from other means of earning like interests from savings or fixed deposits, dividend funds or any other sum payable.
Benefits of TDS Return
As per the IT Act of 1961 filing TDS return is mandatory as well as it fetches some benefits to person or company. A few advantages of submitting TDS return are:
- A steady inflow of income to the government.
- Facilitates a smooth collection of taxes used for welfare.
- No burden of paying a tax lump sum as the payment is done every three months for the whole year.
Documents Required to File TDS Return
The following documents have to be submitted for filing the TDS returns are:
- TAN and PAN Details.
- If you have last TDS filing Details then it’s also required.
- Time for which TDS has to be filed.
- Date of the incorporation of the business.
- For filing the TDS Return no. of transactions are required.
- Different Entities like Proprietorship, Partnership, Company, and LLP.
Tradenfill is one of the top leading and very trustworthy online business platforms in India which offers end to end Income Tax Services from PAN, TAN registration to return filing. Tradenfill can help to file TDS Returns in India. The time taken to file a TDS Return is about 1-3 working days. It subject to Government processing time and client document submission. If you have any query on TDS return filing by scheduling an appointment with our advisor.