TDS stands for Tax deducted at Source. As per the provision Income-tax Act, a tax-deductor shall furnish a periodical TDS statement (Quarterly) containing the particulars of deduction of tax formed during the quarter by the determined due date. The Department of Income-tax decides the rate at which the TDS will be deducted. It is the responsibility of the Deductor to deduct the TDS before making the payment and deposit it to the government.
Here, the entity/ individual who deduct the said amount are termed as Deductor, and the entity/ individual whose tax is deducted is termed as Deductee. Also, in the case of Individuals and Businesses, there are various payment Categories under which TDS Return is filed -
The categories under which there is eligibility to file the TDS Return on electronic media:
It has been put forward to exempt the senior citizens from filing income tax returns if their only annual income source is through pension income and interest income. Also, Section 194P has been newly introduced to enforce the banks to deduct tax on senior citizens more than 75 years of age who have a pension and interest income from the bank.
Any individual or entity making a payment is required to deduct TDS if the payment exceeds a prescribed threshold limit at the rates prescribed by the tax department. What are you waiting for? Call us and we will assist you in filing the TDS seamlessly!
