Statutory requirement- It is mandatory for TAN holders to file TDS returns
What is TDS?
TDS is simply Tax Deducted at Source. As per the Income Tax Act, people responsible for making payments are required to deduct tax at source at prescribed rates
What are the benefits of TDS?
TDS is based on the principle of ‘pay as and when you earn’. TDS is a win-win scenario for both the taxpayers and the government. Tax is deducted when making payments through cash, credit or cheque, which is then deposited with the central agencies
What is TDS certificate?
As TDS is collected on an ongoing basis, the deductor has to furnish a certificate of TDS payment to the deductee/payee. This certificate is also offered by banks making deductions on pension payments etc. The certificate is typically issued at the dedicator's own letterhead
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