TDS Return
TDS, or Tax Deducted at Source, is a mandatory tax deduction on various payments, including salaries, contractor fees, professional services, rent, and commissions. The deducted amount is remitted to the government and can be offset against the taxpayer’s total tax liability during income tax filing. Ensuring TDS compliance helps businesses avoid penalties while streamlining tax reporting and financial transparency.
TDS (Tax Deducted at Source) is deducted by the payer when making payments for salary, interest, commission, brokerage, professional fees, royalties, or contract payments. The entity deducting TDS is the deductor, while the recipient is the deductee. Filing a TDS return is mandatory for deductors to stay compliant with tax regulations."
TAN (Tax Deduction and Collection Account Number) is a mandatory 10-digit alphanumeric code for individuals or businesses deducting TDS (Tax Deducted at Source). Anyone liable to deduct TDS must apply for a TAN within a month using Form 49B. This unique identification number must be mentioned in all TDS-related documents, including returns, challans, and certificates. Failure to obtain a TAN may result in a penalty of up to ₹10,000.
- Form 24Q -TDS on Salaries
- Form 26Q – TDS on payments other than Salaries
- Form 27Q – TDS on payments made to Non-Residents
- Form 27EQ – TCS
