TDS Tax

Tax Deducted at Source or TDS is the process wherein tax deduction takes place at the time of payment or when the payee’s account is credited with the money. TDS is a statement submitted to the Income Tax Department quarterly. Every deductor should mandatorily file the TDS on time. To file a TDS return, one must be thorough with the application procedure and the eligibility criteria.

While filing TDS returns online, an individual should carry some of the essential documents.

• PAN cards of the deductee and the deductor
• Tax amount paid to the government
• Details on TDS challan
• Other paperwork, if needed

Frequently Asked Questions

How can I file my first TDS?

The TDS statements can be uploaded using DSC. To upload using DSC, first upload the TDS zip file and also attach the digital signature file. Then, click on Upload. Once the TDS statement is uploaded, a success message will appear on the screen and a confirmation mail will be sent to your registered email ID.

What is required for filing TDS?

TAN (Tax Deduction Account Number) PAN (Permanent Account Number) Transaction details (Party Name, Party PAN, Date of Payment, Section of Payment, Rate of Tax Deduction, Certificates (if any) Payment Details (Challan Number, Challan Date, Challan BSR Code, Challan Amount).

What is TDS limit?

As per sections limits provided by income tax Act 1961.