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TDS FILLING

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TDS FILLING

TDS is a component of income tax. It must be deducted from certain payments made by a person. In this article, we will examine the TDS provisions of the Income Tax Act in detail.
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  • Tax Deducted at Source is the abbreviation for Tax Deducted at Source. According to the provisions of the Income-tax Act, a tax-deductor must submit a quarterly TDS statement (Quarterly) containing the details of tax deductions made during the quarter by the specified due date. The rate at which TDS will be deducted is determined by the Department of Income-tax. Before making a payment, it is the deductor’s responsibility to deduct the TDS and remit it to the government.
  • It has been proposed to exempt senior citizens whose only annual source of income is pension income and interest income from filing income tax returns. In addition, Section 194P was recently enacted to require banks to deduct tax from the pensions and interest income of senior citizens over 75 years old.
  • Tax Deducted at Source (TDS) is the advanced tax paid by any individual or entity when making payments, including professional fees, interest, salary, dividends, and royalties, among others, in accordance with the government’s prescribed tax slabs on behalf of the payee. Filing a TDS return aids the government in preventing tax evasion. In this article, we will discuss the advantages of filing a TDS return.
  • Tax Deducted at Source or commonly known as TDS in India. Any company or individual making a payment that exceeds the government-mandated threshold must deduct tax at the source. Advantages of TDS Both the government and taxpayers benefit from return filing. Tax Deducted at Source (TDS) is the advanced tax paid by any individual or entity on behalf of the payee when making contract payments, payments of professional fees, interest, salary, dividends, and royalties, among others, as per government-prescribed tax slabs.

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