Tax Deducted at Source return – Intenational organization

Tax Deducted at Source return

TDS (Tax Deducted at Source) is an indirect system of collection of Income tax according to the Income Tax Act, 1961 at the source of income. Tax is deducted by the payer and is remitted to the government by him on behalf of the payee. For Tax deduction and payment, the payer requires 10 Digit TAN number

A TDS Return is a quarterly statement which need to be provided to the Income Tax Department through specified site. Filling return is a mandatory for those who have deducted and deposited tax at source.

Major points:

TAN Registration- TAN is a 10 character alpha-numeric code issued by the Income Tax Department for persons responsible for deducting or collecting tax at source. It can be obtained in 5-10 working days from the time of submission of application with the required documents. Busimann.com can support you to obtain TAN number.

TDS payments – TDS has to be deposited monthly within 7th of the following month. Failure of payment or delay in payment attract interest and penalty.

TDS Returns: TDS return to be filed quarterly within 30^th of the month following the quarter. Failure of filling or delay in filling will attract interest and penalty

Penalty- Failure to deduct tax at source shall attract penalty equal to the amount of tax deductible alongwith interest @ 1% per month. There are various other rigorous penalties for non deposit, short deposit or late deposit.

TDS Sections- TDS is deducted under various sections depending upon the nature of payments/expenses such as Salary, Rent, Interest, Professional service, foreign payments, Contracts, subcontracts, Advertising, Royalty etc. The percentage of deduction and its threshold are varies one section to the other. Correct selection of section are important to avoid unnecessary litigations.

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