Tax Deducted at Source (TDS) is a means of collecting income tax in India, under the Indian Income Tax Act of 1961. TDS is an essential aspect of income tax that every professional, including legal professionals, should be aware of. In this guide, we shall walk you through the steps involved in filing TDS returns for payments to legal professionals.
Tax Deducted at Source (TDS) is an integral part of the Indian taxation system. It serves as a vital tool for the government to collect tax and is primarily used to keep track of the income of individuals and businesses. TDS filing, on the other hand, is the process of submitting details about the tax deducted at source to the Income Tax Department. The role of TDS filing is substantial in promoting transparency and accountability, particularly in the financial sector.
When it comes to the financial world, the term 'Tax Deducted at Source' (TDS) is often thrown around. This is a means 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 Indian Revenue Service (IRS).
Tax Deducted at Source, popularly known as TDS, is a type of indirect tax that is deducted from the income of an individual or organization before the money is credited to the recipient's account. It plays a crucial role in the financial structure of India as it helps in preventing tax evasion. The TDS filing process for joint ventures and partnerships is a bit complicated, but with proper knowledge and understanding, it can be handled efficiently.
Tax Deducted at Source (TDS) is a means of collecting income tax in India under the Indian Income Tax Act of 1961. Any payment covered by these provisions will be paid after deducting prescribed percentage. It is managed by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue managed by Indian Revenue Service (IRS). If TDS has been deducted from your income, you are entitled to claim this amount back while filing your income tax returns. This article will guide you through the steps you need to follow to claim your TDS credit.