Learn everything you need to know about Tax Deducted at Source (TDS) in India from an expert CA in Udaipur. Understand TDS and due dates for filing of return a payment of TDS amount for 4th quarter …”
What is Tax deduction at source in India and how does it affect you?
There can be different sources of income for a person. Income tax is a direct tax that they are required to pay and it depends on which tax bracket their total income falls in. According to the Indian tax system, Tax Deducted at Source (TDS) is an important term in taxation, which has a significant impact on taxpayers. It is a way of collecting income tax by the government and it is convenient for the deductee (the person from whose income deduction is made) as it is deducted automatically.
Forms for Filling TDS Returns
|Types of Forms
|Quarterly TDS statement for tax deducted on salary payments.
|Quarterly TDS statement for tax deducted while making payment, other than salary, to non-resident (not being a company), and foreign company.
|Quarterly TDS statement for other cases like TDS deducted on professional fees, interest payments, etc.
However, if tax is deducted at source under Sections 194-IA and 194-IB, the deductor shall furnish a challan-cum-statement in Form 26QB and Form 26QC, respectively. The deductor should provide the challan-cum-statement within 30 days from the end of the month in which TDS is deducted. As an exception, no return is required separately in such cases.
Due Dates for TDS Payments & Filling of Quarter-IV TDS Return ( Year Ending on 31.03.2024)
|Month of deduction
|Due dates for depositing TDS
|TDS Return Due Date
|31st March 2024
|7th February 2024
|31st May 2024
|7th March 2024
|7th April 2024 (for tax deducted by govt. office)
|30th April 2024 (for other deductors)
Hence, whenever, TDS deduction confuses you? Read this post by the best chartered accountants in Udaipur to understand what is TDS, why it is deducted, and when to file the return and when to deposit tds amount for the forth quarter