TDS
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TAX DEDUCTED AT SOURCE
- Tax deducted at source (TDS) is a way of collecting tax.
- Any payment covered under this provision has to be made after deducting TDS on the same. Different percentages are prescribed for different types of payment.
- The onus of compliance lies with the PAYER who makes the payment for expenditure.
- Tax has to be deducted as specified in the relevant section.
- Deductor must have a PAN of the PAYEE.
- Tax has to be deducted at higher rate i.e 20% if PAN is not available.
- Form 15G/ 15H (only in case where Interest is paid/ to be paid), has to be collected if there is NON deduction / Lower deduction of TDS.
- TDS payment has to be made before 7th of the next month, except for March its 30th April.
- TDS return has to be filed before 15th of the following quarter, except return for 4th quarter by 15th May.
- TDS certificate has to be issued within 15 days from due date of TDS return.
- If TDS is not paid within due date there is a penalty of 1.5 % per month.
- If TDS return is filed late then penalty of Rs. 200 per day or amount equal to TDS amount of that quarter whichever is lower.
- So pay your TDS and file your Returns on timely basis as prescribed under the Law.TAX DEDUCTED AT SOURCE
- Tax deducted at source (TDS) is a way of collecting tax.
- Any payment covered under this provision has to be made after deducting TDS on the same. Different percentages are prescribed for different types of payment.
- The onus of compliance lies with the PAYER who makes the payment for expenditure.
- Tax has to be deducted as specified in the relevant section.
- Deductor must have a PAN of the PAYEE.
- Tax has to be deducted at higher rate i.e 20% if PAN is not available.
- Form 15G/ 15H (only in case where Interest is paid/ to be paid), has to be collected if there is NON deduction / Lower deduction of TDS.
- TDS payment has to be made before 7th of the next month, except for March its 30th April.
- TDS return has to be filed before 15th of the following quarter, except return for 4th quarter by 15th May.
- TDS certificate has to be issued within 15 days from due date of TDS return.
- If TDS is not paid within due date there is a penalty of 1.5 % per month.
- If TDS return is filed late then penalty of Rs. 200 per day or amount equal to TDS amount of that quarter whichever is lower.
- So pay your TDS and file your Returns on timely basis as prescribed under the Law.
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