What is TDS (tax deducted at source) and how it is estimated?

Tax deducted at source (TDS) is one of the several indirect taxes collected by the Indian government according to the income tax act which is managed by the Central board of Direct Taxes which is coordinated by the Indian revenue system. Tax at the source is collected as a way to keep the continuous revenue to be earned by the [...]

By | April 27th, 2017|Categories: TDS|Comments Off on What is TDS (tax deducted at source) and how it is estimated?

Process to revise TDS returns

Tax deducted at source or TDS is an indirect tax imposed by the government of India deducted at the source that is from the place the income is earned by the person Tax Deducted at source as the name tells is deducted at the time the payment of the income earned is received income includes salary, Lotteries, Interests from banks, [...]

By | April 27th, 2017|Categories: TDS|Comments Off on Process to revise TDS returns

TDS on Rent

The person (who is not considered as either being an Individual or HUF)  is then one who is responsible for paying rent which is liable to deduct tax at source. However, in case the aggregate of the amount of rent is either credited or is paid or is likely to be credited or is paid during the financial year exceeds [...]

By | April 7th, 2017|Categories: TDS|Comments Off on TDS on Rent

TDS on Professional fee

Section 194J of the  Income Tax Act of 1961, states that an individual should deduct TDS at the rate of 10% when the following payments are required to be  made to a resident, in a fiscal year (which is higher than Rs.30,000): Amount that is charged as professional services fee or. Professional Services  implies to the services that are carried [...]

By | April 7th, 2017|Categories: TDS|Comments Off on TDS on Professional fee

TDS on payment of dividend

Section 194 of the Income Tax Act, 1961 deals with the deduction of tax at source on the payment of dividends by any domestic company. When an Indian company or a company which has made a  prescribed arrangement for the declaration and for the payment of dividends in India, who pays a dividend to its resident shareholders, the tax will [...]

By | April 7th, 2017|Categories: TDS|Comments Off on TDS on payment of dividend

Implications of non- compliance or non-payment of TDS

TDS or Tax Deducted at Source, is a means of indirect tax collection which is done by the Indian authorities according to the Income Tax Act, 1961. TDS is however managed by the Central Board of Direct taxes (CBDT), which comes under the Indian Revenue Services (IRS). TDS is however collected as a means in order to keep a stable revenue source [...]

By | April 6th, 2017|Categories: TDS|Comments Off on Implications of non- compliance or non-payment of TDS