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TDS Explained: From Basics to Advanced

TDS stands for Tax Deducted at Source. As per the Income Tax Act, while making certain specified payments, the person making the payment is required to deduct tax at source, if the payment exceeds certain specified limits. Tax has to be deducted at the rates prescribed by the Income Tax Department.

TDS Return Forms, Due Dates & Certificates

TDS Statements / Returns: Every person responsible to deduct tax must furnish TDS statement in specified form & in the specified manner.

Dos & Don'ts in TDS Filing

While preparing TDS Statements / Returns, keep these important tips in mind.

Tax Deduction and Collection Account Number (TAN)

As per Income Tax Act, every person who is liable to deduct or collect tax should obtain Tax Deduction and Collection Account Number, generally called TAN.

Consequences of Failure to Deduct or Payment of Tax Deducted at Source

Every person who is required to deduct tax at source as per the Income Tax Act should deposit the tax so deducted to the central government within the stipulated time.

Late Filing Fee for Delayed Filing of TDS & TCS Returns

Every person who is liable to deduct tax under the Income Tax Act has to file a statement in the prescribed form, in the prescribed manner and within the prescribed time (Sec 200).