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TDS stands for Tax Deducted at Source. Under the Income Tax Act, certain payments such as salary, rent, professional fees, interest, and commission require tax to be deducted at the time of payment. The person making the payment deducts tax and deposits it with the government.
TDS return filing is the process of submitting details of tax deducted and deposited to the Income Tax Department. It is filed quarterly by the deductor.
The return includes:
PAN of the deductor and deductee
Amount paid
TDS amount deducted
Date of deduction
Challan details of tax deposited
Form 24Q
Filed for TDS on salary payments.
Form 26Q
Filed for TDS on non salary payments such as professional fees, rent, commission, interest, etc.
Form 27Q
Filed for TDS on payments made to non residents.
Form 27EQ
Filed for Tax Collected at Source.
Plot No. 239, S-4, Sourabh Complex, Zone-2, M.P. Nagar, Bhopal (M.P.) - 462011
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TAN (Tax Deduction and Collection Account Number) is a unique 10-digit alphanumeric code required by everyone responsible for deducting or collecting tax at source. It is mandatory to quote your TAN in all TDS/TCS returns, payment challans, and certificates.
No. While PAN is for personal or business tax identification, TAN is specifically for those who deduct tax at the source. Using PAN instead of TAN when making a TDS payment or filing a return can result in a penalty of up to ₹10,000.
TDS must be deducted on various payments if they exceed certain limits, including salaries, professional or technical fees, payments to contractors, rent, and commissions. AccountSewa helps you identify the correct rates and thresholds for each category.
The process is simple and digital. You provide us with basic business identity documents (like your PAN and address proof). We then prepare and file Form 49B on your behalf. Once processed by the IT department, your TAN is usually allotted within a few business days.
Once you have a TAN, you must:
Deduct tax at the correct rate.
Deposit the tax to the government by the 7th of the following month.
File quarterly TDS returns.
Issue TDS certificates (Form 16/16A) to the person from whom you deducted tax.
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