Tax Deducted at Source (TDS) Services

TDS, or Tax Deducted at Source, is a tax obligation where the buyer withholds the tax amount from the seller during the purchase of an asset or service and files it with the Income Tax Department. In this scenario, the seller receives a tax payment receipt from the buyer. Our 100% guaranteed Government authorized TDS Filing Package ensures a smooth process and assured results. Avoid penalties and legal charges by choosing our service and completing the process on time. Explore the details to understand how it works best..

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Tax Deducted at Source (TDS) Services

About this service

Tax Deducted at Source (TDS) is a tax collected by either a company or an individual when making payments exceeding the income tax threshold. The entity making the payment is referred to as the 'Deductor,' while the recipient of such payment with TDS deduction is known as the 'Deductee.' The deductor must deposit the TDS amount into the IT Department’s Account and file a TDS Return quarterly, except in certain cases like payments for immovable property, where a one-time return is filed. Failure to transfer TDS on time and file it with the IT Department is a punishable legal offense and should be avoided.

Note: TDS certificates such as Form 16/16A/16B should be issued to the deductee after TDS deduction.

INCOME SOURCES WHERE TDS IS LEVIED

These payments can be subject to TDS deduction if they exceed the income threshold limit:

  • Salary
  • Award Value for winning lottery, gambling, etc.
  • Bank Interest
  • Interest on securities
  • Insurance payment
  • Deemed dividend
  • Commission
  • Payment on immovable property
  • Payment of rent

Document Requirements

These documents are required during TDS Return Filing:

  • Valid TAN (Tax Deduction and Collection Account Number)
  • Valid PAN linked to Aadhaar
  • Valid TDS Statements, TDS Certificates, TDS Challan, etc.
  • Valid proofs of Interest income/Property purchase/Capital gains, etc.
  • Bank Account Details

PROVISION OF TDS EXEMPTION

In some cases, as mentioned below, specific TDS rules/exemptions are allowed:

  • An individual from HUF/Individual who does not need to maintain Books of Accounts of income is not liable to deposit TDS for his/her payment.
  • In case, excess TDS is deducted, the taxpayer can claim a refund by submitting correct proofs.

Frequently asked questions

TDS stands for Tax Deducted at Source. It is a tax deduction mechanism where the payer deducts tax at a specified rate from certain payments such as salary, interest, rent, etc., before making the payment to the payee.

The person making the payment (payer) is responsible for deducting TDS. This can be an individual, a company, or any other entity making payments specified under the Income Tax Act, 1961.

Non-compliance with TDS regulations can result in penalties and legal consequences. These may include interest on late payment, penalties for non-deduction or short deduction of TDS, and prosecution under the Income Tax Act.

If excess TDS has been deducted, the taxpayer can claim a refund by filing an income tax return and providing correct details of TDS deductions. The excess amount deducted will be refunded by the Income Tax Department.

Yes, certain payments and individuals are exempt from TDS deduction as per the provisions of the Income Tax Act. For example, individuals who do not need to maintain books of accounts of income may be exempt from TDS on their payments.
Testimonial

What our clients say

See what our clients have to say about their experience working with us and our team.

Good Services by Mr. Gopal Krishna ji, the entire process of starting from filing the return till refund is completely smooth & seamless. I strongly recommend to try their services once & you never turned back. I have been a happiest & loyal customer since last 5 years. Thank you & keep up the good work in future.

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Rohit Agarwal

5 Star

Good Services by Mr. Gopal Krishna ji, the entire process of starting from filing the return till refund is completely smooth & seamless. I strongly recommend to try their services once & you never turned back. I have been a happiest & loyal customer since last 5 years. Thank you & keep up the good work in future.

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Harisaran panda

5 Star

Its been a few years i have been filing ITR through My ITR online and the experience has always been just the best. I am not jumping on to this conclusion but only after submitting different type of ITR during these years i can confidently say i am completely satisfied by the advice given and overall performance. Look forward for many more years of flawless service !

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Bhuvan Arora

5 Star

I have been dealing with My ITR Online and Gopal Varshney for over a decade now. The firm is highly professional, prompt, efficient and courteous. Its been a pleasure dealing with Gopal and I would highly recommend his services. Keep up the great work !!

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Priya H

5 Star

I am availing services of my itr online and till now it's been wonderful experience. Good job my itr online team !

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vineet sharma

5 Star

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