Overview:-
To collect tax from the very source of income, the TDS concept was introduced. According to this idea, a person (deductor) who is required to make a payment of a specific sort to another person (deductee) must withhold tax at source and deposit it into the Central Government's account. On the basis of Form 26AS or a TDS certificate provided by the deductor, the deductee from whose income tax source deductions have been made is entitled to get credit for the amount so deducted.
Benefits:-
The IT Act of 1961 stipulates that completing TDS returns is both required and advantageous to an individual or business. Among the benefits of filing a return and being aware of the refund status are
- Aa consistent flow of funds into the government.
- Mmakes it easier for taxes utilizedused for welfare to be collected in a phased manner.
- As payments are sent every three months throughout the year, there is no hardship of making one large tax payment.
Documents Required:-
The TDS returns must be filed along with the aforementioned documentation:
- TAN number of the deductor. specifics
- PAN number of all the deductees.specifics
- The last TDS filing's specifics, if any.
- Working document covering the Payment Amount, TDS Deducted, TDS Rate and TDS Sections.
- TDS Payment Challan details.
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