TDS and TCS Services
Tax Deducted at Source (TDS):
- Tax Deducted at Source is nothing but the income tax reduced from the Amount paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments(Deductor) to the persons who are receiving the payment(Deducted) .
- Any person making such payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such specified payment. But no TDS has to deducted if the person making the payment is an individual or HUF whose books are not required to be audited.
- Tax Deducted at Source must be deposited to the government by 7th of the subsequent month, However TDS deducted for the month of March by 30th April.
- Filing Tax Deducted at Source returns is mandatory for all the persons who have deducted TDS on Quarterly basis by 31st of succeeding month of the quarter, However for Quarter ending 31st march due date is 31st of May.
- TDS certificates have to be issued by a person deducting TDS to the deducted from whose income TDS was deducted while making payment within the stipulated time.
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