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Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) is one of the essential concepts of the Income Tax Act 1961. Every registered assessee who is liable to deduct TDS or TCS shall collect/deduct tax and the same will be deposited within the prescribed time limit as per the Government. TDS is required to be deducted at source on certain payments, such as salaried, interest, payments to contractors and insurance commission,purchase of property etc.
It is a tool by which Government establishes the various check over the income to ensure the avoidance of tax evasion and also collect some part of income tax revenue on monthly basis which helps it to smooth running of Government machinery.
TDS returns are prepared in form No. 24Q, 26Q ,26 QB or 27Q as per Income Tax Act. In case of any delay in the deposit of TDS or filing the quarterly TDS return beyond the due date then the Interest & penalties are payable as applicable. If the deductor do not deduct the TDS then he will not be entitled to claim the related expenses / payment as the admissible expenses while computing his net taxable income.
Once you choose our firm, our affiliates prepare the account and file TDS refund on your behalf. From the very first stage of preparing the returns till the last phase of the refund, we act as your consultants. DVKS & Associates not only does all the paperwork for you, but also makes sure that every government interaction is smooth. Our process is truly transparent and always meets your expectations.
