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TDS is one among the technique of assortment of taxes during which someone is making or crediting payment to somebody needs to deduct a share from that amonut. TDS is sort of a paid tax that is paid to govt. in advance. TDS amount is deposited by the Deductors to govt. account by the seventh of the following month during which such amount is subtracted. Since TDS is deposited by the Deductors to govt. on regular interval, it ensures regular influx of money resources to the govt.
Income Tax Act needs specific persons to deduct tax on explicit kinds of payments being made by them. The list of such persons requiring to make the payment of TDS is incorporated in TDS provision listed here. The subsequent area unit the desired one who is liableto deduct TDS.
An individual person or H.U.F. isn't liable to deduct TDS on such payment except wherever the individual or H.U.F. is carrying on a business/profession wherever accounts area unit enforce to be audited u/s 44AB, in the immediately preceeding financial year.
A person is liable to audit its books of accounts u/s 44AB if throughout the relevant yr its sales, turnover or gross receipts exceeds Rs. a pair of large integer (Rs.60 Lacs for A.Y.2012-13) just in case of a business, or Rs. fifty Lacs (Rs. fifteen Lacs for A.Y. 2012-2013) just in case of a profession.
TAN is associate degree alpha numeric ten digits variety. every body WHO is responsible to deduct tax at supply should get TAN no. from the department in type no. 49B among one month from finish of the month during which tax was subtracted. TAN is required to be mention on each dealing associated with TDS. there's a penalty of Rs. ten thousand on failure to use TAN
Every person WHO is responsible to deduct TDS shall deposit the TDS subtracted by him by seventh of following month during which TDS is subtracted but maturity of deposit of TDS for the month of March is thirtieth Gregorian calendar month
Due date of filling quarterly TDS come is fifteenth of the subsequent month of every quarter but this date is fifteenth might just in case of quarter concluded march 20XX.
• Failure to deduct whole or a part of TDS
• Failure to deposit whole or a part of TDS
• Failure to use TAN among prescribed time
• Failure to furnish varied certificates/forms/return among prescribed time
• Failure to say PAN no. of the deductee
• Variation between quantity mentioned in TDS come and amount as per TDS Challan u/s 281.