TDS (Tax Deducted at Source)
Tax Deducted at Source (TDS) is a statutory mechanism under the Income Tax Act, 1961, designed to ensure timely collection of taxes at the point of payment. TDS is applicable on various types of payments such as salaries, professional fees, rent, interest, commissions, and contractual payments.
Applicability Assessment: Guidance on TDS applicability across various sections of the Income Tax Act (e.g., 192, 194C, 194J, 194I, 194H).
TDS Calculation & Deduction: Accurate computation and deduction of TDS on salaries, professional fees, contractor payments, rent, interest, commissions, and other applicable payments.
TDS Returns Filing: Preparation and timely filing of TDS returns (Forms 24Q, 26Q, 27Q, 27EQ) to ensure full compliance.
TDS Certificate Issuance: Issuance of Form 16 / 16A certificates to employees, vendors, and contractors, with reconciliation against Form 26AS.
Record Maintenance & Audit Support: Maintenance of detailed TDS records and support during audits or statutory reviews.
Strategic Advisory & Planning: Advisory services to optimize TDS compliance, minimize liability, and manage statutory obligations efficiently.
TDS Compliance & Advisory Coverage:
Tax Collected at Source (TCS) – Overview & Compliance
Tax Collected at Source (TCS) is a statutory provision under the Income Tax Act, 1961, where the seller or collector collects tax from the buyer at the time of sale of certain goods or specified transactions. The collected tax is subsequently deposited with the government and adjusted against the buyer’s tax liability. TCS ensures timely tax collection, promotes compliance, and strengthens transparency in high-value or specified transactions.
TCS (Tax Collected at Source):
TCS Compliance & Advisory Scope:
Applicability Assessment: Determining the applicability of TCS under various provisions of Section 206C, covering goods, services, and high-value transactions.
Accurate Collection & Deposit: Calculation and collection of TCS as per applicable rates, ensuring timely deposit to the government.
TCS Returns Filing: Preparation and filing of TCS returns (Form 27EQ) within statutory timelines, ensuring complete compliance.
Certificate Issuance: Issuance of TCS certificates to buyers, facilitating tax credit and reconciliation with Form 26AS.
Record Maintenance & Audit Support: Maintaining detailed records of TCS collection and deposit to support audits or statutory reviews.
Advisory & Strategic Planning: Providing guidance on thresholds, rates, exemptions, and compliance strategies to optimize TCS management.
Anand Mishra & Associates
Faridabad
New Delhi
Corporate Office
B-23, Krishna Plaza, Second floor, Sarai Khwaja, Faridabad 121003
+91 9205442701
Anandmishra1.ama@gmail.com
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