Tax Deducted at Source or TDS is a kind of advance tax which is deducted from the earnings of an individual or an organization before the money is actually credited into that person’s account. As the name indicates, “Tax Deducted at Source” implies that the payee or the employer deducts the tax before making a paying the receiver. TDS is applicable on income earned regularly and also on the income earned on various factors whether occasionally or irregularly. Therefore, TDS is applicable on various incomes but it is not limited to Salary, Commission, Rent, Professional Fees and Interest.

Payment of TDS has various benefits like:

• Deducting TDS at source helps to prevent tax evasion
• Tax is collected on time, following the rules and regulations
• A large ratio of people falls under the tax net
• Collection of TDS is a steady and important source of revenue for the government

According to the new rules, effective from April 1,a person is liable to pay a maximum penalty of Rs. 10,000 for late filing of the TDS Return. The filing of Form 26Q has been extended to 31st August, from 31st July,. Details of penalties for late filing of Form 26Q is mentioned in the table below:

As per the rules, the deductor is liable to deduct tax and file the TDS Return form as its supporting document, it is very important to know that there are various types of TDS Return Forms for various conditions. The kind of TDS Return Form to be submitted is based on the kind of Income of the deducte or the type of deductee who pays the TDS returns.

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Plan Taxation provides consultation for their customers at most affordable rates. We cannot compromise in the quality of our service hence we have kept the lowest consultation fee for our clients.

Plan Taxation team consists of experienced lawyers, CA, Accountants and Paralegals who have vast knowledge as well as experience in handling customer queries and coming up with best solutions at minimum time.

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Plan Taxation has a dedicated customer support team where all your queries can be addressed. You can contact the customer support online or offline according to your convenience.

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