What is the TDS meaning?
TDS full form is Tax Deducted at Source. By using this method, tax will be withheld at the source and transferred to the deductee if the deductor is required to pay any other individual (the deductee). The Central Government will get the amount of TDS that was deducted.
Who is applicable for TDS?
The Income Tax Act requires that TDS be withheld at the time of any specified payment made by an individual. But, if the payer is an individual or HUF whose records do not need to be audited, then no TDS needs to be taken off.
When to file TDS return ?
Quarter | Period | Last Date of Filing |
1st Quarter | 1st April to 30th June | 31st July 2023 | 30th Sep. Only for 26Q and 27Q |
2nd Quarter | 1st July to 30th September | 31st October 2023 |
3rd Quarter | 1st October to 31st December | 31st Jan 2024 |
4th Quarter | 1st January to 31st March | 31st May 2024 |
What is a TDS certificate?
TDS certificates are sent to the deductee—the person from whose payment the tax is withheld—by the deductor, the entity who is withholding taxes. Form 16 (for TDS on Salary) and Form 16A (for TDS on non-Salary payments) are the two forms of TDS certificates that are available.
What is the purpose of TDS?
Tax Deducted at Source (TDS) refers to the amount of income tax that is deducted by the person responsible for paying our salaries, rent, school fees, and other expenses, as per the rates set by the government. TDS is an essential financial instrument that ensures consistent funding for the government and helps in managing costs more efficiently.
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