TDS Return for Business Owners

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Home / TDS / TDS Return for Business Owners

TDS Return For Business Owners

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About

TDS Return for Business Owners

TDS or tax Deducted at Source is a form of income tax that is reduced from the money paid at the time of making specific payments such as rent, salary, professional fees, interest, etc. by the person making the payment.

TDS is calculated on a monthly basis, after the deduction of which the payments are dispatched. Usually, the person on the receiving end of the payment is liable to pay income tax, but the Government with the help of TDS makes sure that the income tax is deducted in advance from the payments being made by you. The recipient of income receives the amount after the deduction of TDS and the gross amount is adjusted against the recipient’s final tax liability.

Why is TDS Processing Necessary?

TDS is mandatory for any business organization and enterprises and the task of TDS deduction and depositing it to the government must be done every month making sure there aren’t any room for error. Failing which, the government can impose any form of penalty on the said business.

Why is filing your TDS on time Mandatory?

Filing TDS on time will not attract unnecessary penalty of Rs.200 per day till the default continues
There are additional penalty of INR 10,000 to INR 1 Lakh that can be levied on the enterprise if they fail to file the TDS return within a year from the due date.
The main purpose of filing TDS returns is to facilitate reconciliation of ITR
If a person/business who is supposed to file their TDS returns, fails to do so within the stipulated time, the assessing officer may nullify the impact of expenditure on which the TDS was supposed to be deducted, which will make him liable to income tax incident

What is the Process for Filing TDS Returns?

The first requirement for filing a TDS Return is to obtain a valid TAN (Tax deduction account number). You need to assess if you are required to deduct TDS on which payments. Usually, all types of payments such as Salaries, Interest, Professional Fees, and Payment to Contractors, Rent of Machinery, and Rent of Building etc are covered under liable payments. There are prescribed rates for every type of TDS payments under the income tax act 1961.

How can we be of Help ?

Wissen is among the best TDS Processing and Filing Company for each and every kind of enterprises. And we furnish end-to-end TDS formalities like:

Monthly TDS calculation as per the information declared.
Payment of the tax to the tax department.
E-filling of the TDS returns.
Issue Tax Deduction Certificate to the payee.
Providing expert suggestion for complete tax planning and others.

Frequently Asked Question

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