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A TDS (Tax Deducted at Source) return is a comprehensive summary of all transactions related to TDS made by a deductor during a specific quarter. Deductors are obligated to submit TDS returns promptly to ensure compliance with tax regulations.
TDS, which stands for Tax Deducted at Source, is a mechanism employed by the Government of India to collect taxes at the source when certain transactions occur. The tax is required to be deducted at the time the money is credited to the payee's account or at the time of payment, depending on whichever event occurs earlier.
Understanding various aspects of TDS returns, including types, forms, due dates, eligibility criteria, penalties, and the filing process, is crucial for businesses and entities subject to TDS regulations.
A TDS (Tax Deducted at Source) return is a quarterly statement that the deductor is required to submit to the Income Tax Department. This statement provides a comprehensive summary of all entries related to TDS collected by the deductor and the TDS paid to the Income Tax Authority during a specific quarter.
The tax is mandated to be deducted either at the time the money is credited to the payee's account or at the time of payment, depending on whichever event occurs earlier in the transaction.
Typically, the individual receiving income is responsible for paying income tax. However, the government, through the Tax Deducted at Source provisions, ensures that income tax is deducted in advance from the payments made. This results in the recipient of income receiving the net amount after deducting TDS. Subsequently, the recipient adds the gross amount to their income, and the TDS amount is adjusted against their final tax liability. The recipient can claim credit for the amount already deducted and paid on their behalf.
| Quarter | Quarter Period | TDS Return Due Date |
| 1st Quarter | 1st April to 30th June | 31st July, 2021 |
| 2nd Quarter | 1st July to 30th September | 31st October, 2021 |
| 3rd Quarter | 1st October to 31st December | 31st January, 2022 |
| 4th Quarter | 1st January to 31st March | 31st May, 2022 |
Registering a partnership firm online in India offers several advantages, including:
Timely TDS Return Filing helps the government track the records of the inflow of Income, preventing people from evading taxes.
The TDS Return filing amount is utilized for the welfare of the Nation, ensuring a steady source of revenue for the Government.
TDS is paid quarterly, so there is no burden of paying the lump sum tax at once. This reduces the burden on both the taxpayer and tax collection agencies.
TDS Return facilitates a smooth collection of the tax used for welfare purposes. It is convenient for the Deductee as tax is automatically deducted.
Note: Ensure accurate details like challan number, PAN of deductee, and tax details are mentioned on the TDS returns for an easier verification process.
Partnership Firm online Registration is a service provided by the Indian Government to apply for registration of a Firm Under the Indian Partnership Act,1932.
The fee for online registration process of Partnership Firm is ₹11,999 at Docs Uncle. But it may vary from state to state.
Visit the official website of MCA,Submit the necessary details, check whether the certificate is provided or not.
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