Tax Deducted at Source (TDS) is a system where tax is collected at the time of payment. It ensures timely tax collection and reduces tax evasion. Businesses and individuals making specified payments such as salaries, rent, professional fees, or contract payments must deduct tax at the prescribed rate and deposit it with the government.
There are different types of TDS returns based on the nature of payment:
TDS return filing is mandatory for certain individuals and businesses responsible for deducting tax before making payments. This includes:
Failure to file TDS returns on time may result in penalties and interest charges.
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Missing deadlines or the anxiety of non-compliance can make the whole tax filing process very frustrating. That is where we come in to assist you! At Taxwaale, we make the process simple, efficient, and accurate, ensuring your returns are filed correctly and on time. With our expertise, you can be confident that you are fully compliant with the latest tax regulations, leaving you with peace of mind.
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TDS return filing is mandatory for employers, businesses, banks, professionals, and individuals deducting tax at the source. This includes companies deducting TDS on salaries, banks on interest payments, and tenants paying rent above ₹50,000 per month.
Late filing of TDS returns attracts a penalty of ₹200 per day until the return is filed. Additional interest and further penalties may apply if tax is not deposited within the due date.
Once filed, TDS returns are typically processed within a few weeks. However, delays may occur due to discrepancies or missing details, which is why accuracy in filing is necessary.
Incorrect TDS deductions can lead to penalties, interest charges, and notices from the Income Tax Department. Ensuring the right deduction rates and timely deposits helps avoid legal and financial issues.
