Outsourced TDS / TCS Compliance
Tax deduction at source is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government account.
1
Steps taken in filling TDS Returns
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Information Collection
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Information compilation and Processing
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Reviewing Draft
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Filling Return
2
Applicability on Individuals
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Payment of Rent exceeding 50,000 in a month
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Purchase of Property
3
Applicability on Businesses
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Salary (Exceeding Taxable Threshold Limit)
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Rent (Exceeding 2.4 Lacs in a Year)
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Payment to Contractors
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Payment to Professionals
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Interest other than interest paid to banks
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Dividend
4
Due Dates for deposit of Tax
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April to February: 7th of the following month
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March: 30th of April
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Interest on late deposit: 1.5% per month including the month when the same was supposed to be deducted
5
Due date to file TDS Returns
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April to June: 31st July
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July to Sep: 31st October
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October to Dec: 31st January
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Jan to March: 31st May