Introduction Tax Deduction and Collection Account Number (TAN) is a mandatory requirement for businesses and individuals responsible for deducting tax at source (TDS) in India. Without a TAN, an entity cannot deduct TDS, leading to penalties from tax authorities. In this article, we will explore where to find the TAN registration number, its significance, application… Read More »
Tan Registration Required TAN (Tax Deduction and Collection Account Number) registration required in the following circumstances: 1. Tax Deduction at Source (TDS): Entities or individuals who are responsible for deducting tax at source as per the tax laws are required to obtain a TAN. TDS is applicable to various payments such as salaries, interest,… Read More »
Tax liability TDS (Tax Deducted at Source) liability is a mechanism used by tax authorities to collect tax at the source of income. It is a system where a certain percentage of tax is deducted by the payer while making payments to the recipient, and the deducted tax is remitted to the government. Whether TDS… Read More »
Tax deduction What is TDS? TDS stands for Tax Deducted at Source. It is a system introduced by the Income Tax Department of India to collect tax at the origin of income. According to this system, a person (referred to as the deductor) responsible for making certain payments (like salary, rent, professional fees, etc.) is… Read More »
Can TDS be deducted on the accreditation fee The answer to this question depends on the specific circumstances and nature of the accreditation fee. In general, TDS (Tax Deducted at Source) is applicable to certain types of payments made by businesses, such as salaries, rent, and professional fees. If the validation fee can be classified… Read More »
Requirement of Tax Deducted at Source Requirement of Tax Deducted at Source, TDS (Tax Deducted at Source) is require for several reasons: Revenue Collection: TDS is a mechanism employe by tax authorities to collect tax revenue throughout the financial year rather than relying solely on tax payments at the end of the year. It… Read More »
Prepare TDS To prepare TDS (Tax Deducted at Source), you can follow these general steps: Determine Applicability: Identify the transactions and payments on which TDS is applicable as per the provisions of the Income Tax Act, 1961 and related regulations. Consider the nature of the payment and the threshold limits for TDS applicability. Obtain… Read More »
When is a TDS required When is a TDS required: TDS (Tax Deducted at Source) becomes mandatory when a person or entity makes certain specified payments. The requirement for TDS arises when the provisions of the tax laws mandate the deduction of tax at the source of payment. The specific situations where TDS is require… Read More »
Is TDS mandatory Yes, TDS (Tax Deducted at Source) is mandatory in certain situations as per the provisions of the Income Tax Act, 1961 in India. It requires the deductor (the person making payment) to deduct a certain percentage of tax from the payment being made and remit it to the government. TDS is applicable… Read More »
TDS deduction you can follow these steps: Gather necessary documents: Collect all relevant documents, including the TDS certificate issued by the bank or financial institution where you have the FD, and the Form 26AS, which reflects the details of TDS deducted. Calculate TDS deduction: Determine the total TDS amount deduct on the interest… Read More »
