Tax Deducted at Source (TDS) is a method of collecting income tax in India, under the Indian Income Tax Act of 1961. Any payment covered under these provisions shall be paid after deducting a prescribed percentage. It is managed by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue managed by the Indian Revenue Service (IRS). It is very important to understand the process of TDS filing, especially if you are a business owner or a salaried individual.
Tax Deducted at Source (TDS) is one of the ways the government collects taxes from the citizens of a country. It is an indirect method where tax is deducted from the source of income. It is a form of advance taxation and is managed by the Central Board of Direct Taxes. The importance of filing TDS returns on time cannot be overstated. This article explores the benefits of filing TDS returns promptly.
Tax Deducted at Source, commonly referred to as TDS, is a type of tax that is deducted directly from your income or other forms of earnings at a specified rate before being credited to your account. This is done by the company or person making the payment. The deducted amount is then remitted to the Income Tax Department by the deductor.
The introduction of the Goods and Services Tax (GST) in India has transformed the taxation landscape, consolidating multiple taxes into one unified system. This has not only simplified tax compliance but also brought about increased transparency and efficiency. As a GST Suvidha Provider (GSP), it's critical that you understand the process of GST filing.
Record keeping, an integral part of any business operation, is the process of recording, storing, and retrieving financial transactions. In the context of Goods and Services Tax (GST), record keeping becomes even more significant because it serves as a foundation for preparing accurate and timely GST returns. Let’s delve deeper into the importance of record keeping in GST filing.