What is TDS?
TDS stands for Tax Deducted at Source. It is the amount that is paid at the source of the supply that’s been purchased or a service that’s been availed, if it exceeds a certain threshold.
TDS is deducted on the following types of payments:
- Interest payments by banks
- Rent payments
- Professional fees
- Consultation fees
The following individuals are delegated with the duty of deduction of tax at source:
- A department of the Central Government or State Government
- A local authority
- Governmental agencies
- A board or any other body
Established by any Government:
- Society established by the Central Government, State Government, or a Local Authority under the Societies Registration Act, 1860
- Public sector undertakings
- With fifty-one percent or more participation by way of equity or control
shall be made if the location of the supplier and the place of supply is in a State or Union territory which is different from the State or Union territory of registration of the recipient.
What is TCS?
TCS is the Tax Collected at Source. It is a mechanism where the receiver extracts a certain amount as tax of the payer and transfers it to the government revenue.
What services do we provide?
- Receive e-TDS and TCS returns from deductors and collectors. We then upload it on the TIN central system.
- Receive TDS and TCS returns in physical form from non-corporate, non-government deductors and collectors. We then upload it on the TIN central system.