0% found this document useful (0 votes)
100 views15 pages

Presentation TDS

TDS (Tax Deducted at Source) requires certain individuals and entities to deduct taxes from payments and deposit them with the government. Taxes are deducted at prescribed rates. The deductee receives credit for taxes deducted when filing their income tax return. TDS returns must be filed by specified due dates each quarter to report taxes deducted and deposited in a timely manner. Filing TDS returns helps reduce tax burdens and the risk of tax evasion.

Uploaded by

SHIKHA DWIVEDI
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
0% found this document useful (0 votes)
100 views15 pages

Presentation TDS

TDS (Tax Deducted at Source) requires certain individuals and entities to deduct taxes from payments and deposit them with the government. Taxes are deducted at prescribed rates. The deductee receives credit for taxes deducted when filing their income tax return. TDS returns must be filed by specified due dates each quarter to report taxes deducted and deposited in a timely manner. Filing TDS returns helps reduce tax burdens and the risk of tax evasion.

Uploaded by

SHIKHA DWIVEDI
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 15

TAX DEDUCTED AT SOURCE (TDS)

• The concept of TDS was introduced with an aim to


collect tax from the very source of income.
• As per this concept, a person (deductor) who is
liable to make payment of specified nature to any
other person (deductee) shall deduct tax at source
and remit the same into the account of the Central
Government.
• The deductee from whose income tax has been
deducted at source would be entitled to get credit
of the amount so deducted on the basis of Form
26AS or TDS certificate issued by the deductor.
Rates for deduct of tax at source

• Taxes shall be deducted at the


rates specified in the relevant CHECK TAX RATE
provisions of the Act or the First
Schedule to the Finance Act.
• However, in case of payment to
non-resident persons, the
withholding tax rates specified
under the Double Taxation
Avoidance Agreements shall also
be considered
How to pay Tax Deducted/Collected at source?

 1) Electronic mode: E-Payment is mandatory for

o a) All corporate assesses; and

o b) All assesses (other than company) to whom provisions of section 44AB of the Income Tax Act, 1961 are applicable.

2) Physical Mode:

By furnishing the Challan 281 in the authorized bank branch

Where tax is deducted/collected by government office, it can remit tax to the Central Government without production of income-
tax challan. In such case, the Pay and Accounts Officer or the Treasury Officer or the Cheque Drawing and Disbursing Officer or
any other person by whatever name called to whom the deductor reports the tax so deducted and who is responsible for
crediting such sum to the credit of the Central Government, shall submit a statement in Form No. 24G.to NSDL with prescribed
time-limit.
Pay Tax Online​​

Step-1

• open http://tdscpc.gov.in/
and make login as usual.
You will find a link with
words “Register at e-filing
site” on left side panel of
Quick Links. Click on that.
Step-2

• Now you will


find the
following
screen. Click
on “redirect”.
Step-3

• Now you will be redirected to


incometaxefiling.gov.in
Step-4

• . Fill up the details there and


click on submit. Now you will get
a message as under. Read it
carefully.
Step-5

• Now go to
http://incometaxindiaefiling.gov.in/
and make usual login by PAN,
D.O.B. and password and put
curser on “worklist” and click on
“For your action”. Screen will
appear with all details like PAN,
Name, Mobile number, Email ID
etc. Go through it carefully and if
there is any mistake at data entry
level then “reject” the same,
otherwise click on “approve”.
Step-6
Step-7
Eligibility criteria for TDS returns

• An individual making a transaction under the Income Tax Act needs to deduct tax at the source
and deposit the same within an allotted time. Some payments for which one needs to file TDS
return are as follows:
• Salary payments
• Income earned by winning lotteries, puzzles, etc.
• Income generated from securities
• Accruing income from competing in horse races and winning 
• Insurance commission
• Rent payment
• Interest earnings
• Sale/purchase of immovable property
• Any payments concerning National Saving Scheme and other schemes
Advantages of filing TDS returns

• Decrease in tax burden- Filing TDS returns ensure reduction in lump-sum tax payment at
year-end by dividing the amount over several months. This will, in turn, reduce a
taxpayer’s burden.
• Reduction in tax evasion- The Income Tax Department collects the TDS amount
submitted by the deductor. This amount includes a portion of the deductee’s tax during
submission. Therefore, by filing for TDS, one can avoid tax evasion.
• Maintenance of income flow- TDS allows regular income flow to the government.
• Therefore, it is advisable to learn how to file a TDS return without much ado and yield
maximum benefits from the process.


Due dates of filing a TDS return

• Apart from knowing how to file a return for TDS, an individual must
be thorough with its due date. Here is a table showing the due dates for
the fiscal year 2021-2022.

Quarter Period Last Date of Filing TDS


1st 1st April-30th June 31st March 2022

2nd 1st July-30th September 31st March 2022

3rd 1st October-31st December 31st January 2022

4th 1st January-31st March 31st May 2022


CONT.

• there are different dates for the deposition of TDS by government


offices and others. Given below is a table showing the due dates for
TDS payment.
Credited Amount Last Date of the TDS Deposit
Government office without challan Same date
Government office with challan 7th of the immediate upcoming month
Deposit by a government employee Same as the above point
Deposits by others in March 30th April
Deposits by others in other months 7th of next month

You might also like