Who is responsible for deducting tds

The article will tell us some of the duties of TDS deductor who is deducting the tax and deposit to the government account is required to follow: Tds Deductor is required to deduct tax at correct rate and deposit it in Government Account Every person is responsible for deducting the tax at source, at the time of payment or of the credit of income, whichever is earlier, verify that whether the payment that is being made is to be subject to deduction of tax at source.

File the Prescribed Return A TDS return is a comprehensive statement which contains the details of the payments that are made and the taxes that are deducted thereon along with other prescribed details. About the Author: tdscontent. Related Posts. Correct rate is quoted against each deductee record. Issue TDS certificates as per existing procedure and within the time prescribed as stated below: Table Sl. Form No. Periodicity Due date 1 2 3 4 1. Republished with Amendments by Team Taxguru.

Disallowing finance charges, which were allowed in earlier years, needs re-consideration — Matter remanded back to AO.

Tax Audit Series-2 — Business Vs. Whether depreciation on acquired goodwill allowable under Income Tax Act, March 29, at pm. September 12, at pm. August 22, at pm. December 27, at pm. December 6, at pm. Jay says:. Similarly in case of issue of TDS certificates the old provision of monthly certificates is geven, where as the amended poviison of issuing quarterly certificates is not updated Pl ensure while posting artcles in the webpage, the latest provisions are updated so that users are guided correctly.

December 6, at am. Cancel reply Leave a Comment Your email address will not be published. The responsibility of deduction shall lie only on the persons whose turnover exceeds Rs. However, individuals are not required to deduct TDS when they make rent payments or pay fees to professionals like lawyers and doctors.

TDS is one kind of advance tax. It is tax that is to be deposited with the government periodically and the onus of the doing the same on time lies with the deductor.

A deductor has to deposit the deducted TDS to the government and the details of the same have to be filed in the form of a TDS return. Issue a TDS certificate 3. Tags: tax deducted at source , TDS. Disallowing finance charges, which were allowed in earlier years, needs re-consideration — Matter remanded back to AO. Tax Audit Series-2 — Business Vs.

Whether depreciation on acquired goodwill allowable under Income Tax Act, One Comment Krishn Murti Jha says:. July 13, at am. Cancel reply Leave a Comment Your email address will not be published. Latest Posts. Popular Posts. Featured Posts.