TDS and TCS Return Compliance: Best Practices
TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) are both mechanisms used by the Indian government to collect taxes. When a person or entity makes certain types of payments such as salary, interest, rent, commission, etc., TDS is deducted from the payment at the time of making such payment, whereas TCS is collected by the seller from the buyer at the time of sale of specified goods.
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TDS returns and TCS returns typically include the following information
Details of Deductor/Collector
This includes information such as name, address, PAN (Permanent Account Number), TAN (Tax Deduction and Collection Account Number), etc.
Details of Deductee/Collector
Information about the person from whose income tax is deducted or collected, including name, address, PAN, etc.
The exact format and information required may vary depending on the specific form used for filing TDS/TCS returns, such as Form 24Q for TDS on salaries, Form 26Q for TDS on non-salary payments, and Form 27EQ for TCS. It’s crucial to ensure accuracy and timely filing to avoid penalties and interest charges.
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Our Work Process
Fill the Form & Make the Payment
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Send The Required Documents to Shyam Associates
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