Tax Deducted at Source (TDS) is a means of collecting tax at the source of income. Under this system, a certain percentage of the income is deducted by the payer (employer, bank, etc.) before making the payment to the recipient (employee, contractor, etc.). The deducted amount is then remitted to the government by the deductor on behalf of the recipient.
At STARTUP INDIA, we specialize in providing comprehensive TDS filing services, ensuring timely and accurate filing of TDS returns, compliance with tax regulations, and minimizing any potential penalties or issues with the tax authorities.
Why Is TDS Filing Important?
Legal Requirement: Filing TDS returns is a statutory obligation for employers and businesses. Non-compliance can result in penalties, interest, and legal consequences.
Avoid Penalties and Interest: Late filing or incorrect filing of TDS returns can attract penalties and interest charges, which can be avoided by timely and accurate submission.
Tax Credit for Deductees: TDS serves as a prepayment of tax for the recipient, who can claim the TDS amount as a tax credit while filing their own tax return.
Avoiding Scrutiny by Tax Authorities: Proper TDS filing ensures that the records are in order, reducing the likelihood of scrutiny or audits by the Income Tax Department.
Helps in Refunds: Correct TDS filings can help the deductee get timely refunds from the government if excess TDS has been deducted.
Documents Required
TDS Acknowledgement
PAN Card
TDS Certificate
Income Tax notice