TDS is the tax a payer deducts before paying you. Here is which section applies to what, when it must be deposited, which return reports it, and the mistakes that cost businesses penalties.
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Tax Deducted at Source. The person making a payment deducts a percentage as tax and deposits it with the government on the recipient’s behalf.
For deductions made from April to February, the 7th of the following month. For deductions made in March, 30 April. Late deposit attracts interest per month or part of a month.
24Q reports TDS on salary. 26Q reports TDS on payments other than salary made to residents. Both are filed quarterly.
The liability falls on the deductor, not the recipient. You can be required to pay the tax that should have been deducted, along with interest, and a portion of the expense may be disallowed.
Form 16 is the annual certificate for TDS on salary. Form 16A is the quarterly certificate for TDS on non-salary payments.
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