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Call ExpertBelow are the main advantages of sole proprietorship registration in India:
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS)Â are two tax collection methods in India. The deductor collects TDS from the payee at the time of payment for certain specified payments. The collector collects TCS from the seller of certain specified goods or services at the time of sale.
All persons responsible for deducting or collecting tax at source must submit e-TDS/TCS statements. This includes:
No, there is no upload fee for correcting e-TDS/TCS returns. However, there may be late fees if the corrections are not filed within the due date.
The Indian Income Tax Department mandates individuals responsible for deducting or collecting tax at source (TDS/TCS) to electronically file their returns using the Tax Information Network (TIN) website
There are 2 types of TDS/TCS returns:
The following are the TDS/TCS return forms:
The due dates for payment of TDS/TCS are as follows:
The Late payment of TDS/TCS gets a penalty of 1% of the outstanding amount per month.
Failing to meet TDS/TCS payment deadlines can result in significant penalties and legal repercussions. These consequences may include:
The process of TDS/TCS return filing and compliance can be simplified by following these measures:
The step-by-step process for filing TDS/TCS returns electronically is as follows:
Before filing TDS/TCS returns, it is crucial to consider the following aspects:
The penalties for late TCS return filing are as follows:
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