What is TDS Return Filing?
TDS is the abbreviation for tax deducted at Source. A Company or any person making payment is required to deduct tax at Source if the payment exceeds the prescribed threshold limit. The Income-tax Department of our country decides the rate at which the TDS will be deducted. The entity/ individual which deducts the said amount is termed as Deductor, and the person whose tax is deducted is termed as Deductee. It becomes the responsibility of the Deductor to deduct the TDS before making the payment and deposit it to the government. With Corpbiz, TDS Return filing becomes easy as we have the Auto-PAN bulk verification to avoid chances of errors in your TDS returns.
What are The Categories Under Which TDS Return is Filed in The Case of Individuals and Businesses?
The employer in a company has a valid TAN (Tax Collection and Deduction Account Number) through which they can file for TDS Return. The payment categories under which TDS Return is filed in case of individuals and businesses are:
- Salary of an individual
- Insurance Commission or the Income from any other sources like lottery puzzles etc.
- Payment from the National saving Scheme.
The assesses needs to file the penalty for delay within the due date. The categories under which there is eligibility to file the TDS Return every quarter are electronically:
- Individuals whose accounts are audited under u/s 44AB
- Individuals were holding office under the government.