Tax deducted at source or TDS is the tax that is collected by the Government of India at the time when a transaction takes place. Here, in this case, the tax is to be deducted at the time the money is credited to the payee's account or at the time of payment whichever happens earlier. In this case of salary payment or the life insurance policy, the tax is deducted at the time when the payment is done. The deductor is required to deposit this amount with the Income Tax Department. Through TDS a portion of the tax is paid directly to the Income Tax Department. The Tax is deducted usually over a range of 10%.
TDS return filing is done by organizations or employers who have availed a valid tax collection and deduction number (TAN). Any person who is making specified payments mentioned under the Income Tax Act is required to deduct the taxes at the sources and they are needed to deposit the tax within the stipulated time for making the following payments. Salary Payment
Income on securities
Income by winning the lotteries, puzzles, and others.
Income from winning horseraces.
Payment concerning the National saving scheme and many others.
Collection of the information from the details shared by you
Documentation and reconciliation of the information filed
Preparation of TDS return
Filing TDS return online
Acknowledgment of Filing the return
The Tax Account Number of the deductor
Acknowledgement receipt of the tax paid to Government
Provide us details of the tax deducted
Details of the inward and outward taxable supplies along with details of invoice