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TDS Notice

What is tax deducted at source?

For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called as â??Tax Deducted at Sourceâ??, commonly known as TDS. Under this system tax is deducted at the origin of the income. Tax is deducted by the payer and is remitted to the Government by the payer on behalf of the payee.

Is TDS relevant for me as a businessman?​

Yes. Payments may be made to you after TDS. You can adjust this against your final tax liability. You are also required to effect TDS while making business payments. Failure to do so will result in the entire of expenditure being disallowed as your business expenditure and taxed as income.

I have made some deposits with a bank on which annual interest is around 15000. My income is below taxable limit. The banker wants to deduct tax. What do I do?

You can file a self-declaration to the banker in Form 15H stating that your income is below taxable limit. The form is available with your banker, the local Income Tax office and can be downloaded from the website www.incometaxindia.gov.in This form should be filed before the interest begins to accrue in the fixed deposit account, since the declaration has no retrospective effect.

Is there any minimum amount upto which tax is not deducted?

In respect of various items liable to TDS, the Income-tax Law has prescribed a threshold limit. If the expenditure incurred/payment made during the year is below the threshold limit, then there is no requirement to deduct tax at source.

What are the payments covered under the TDS mechanism and the rates for deduction of tax at source?

Tax is deductible at source at the rates given in table (infra). If PAN of the deductee is not intimated to the deductor, tax will be deducted at source by virtue of section 206AA either at the rate given in the table or at the rate or rates in force or at the rate of 20 per cent, whichever is higher. Further, under section 94A(5), if payment or credit is made or given to a deductee who is located in a notified jurisdictional area, tax is deductible at the rate given in the table or at the rate of 30 per cent, whichever is higher.

How can I know the quantum of tax deducted from my income by the payer?

To know the quantum of the tax deducted by the payer, you can ask the payer to furnish you a TDS certificate in respect of tax deducted by him. You can also check Form 26AS from your e-filing account at https://incometaxindiaefiling.gov.in You can also use the â??View Your Tax Creditâ?? facility available at www.incometaxindia.gov.in

HOW IT WORKS

1

SELECT A PACKAGE

  • Select a service that you require
  • Choose a suitable Package or Plan depending on the Work involved the Services required
2

REGISTER

  • Submit or eMail your Contact details or provide the Client Registration Form
  • Provide basic documents (relevant KYC)
  • Make payment (Gateway, NEFT, Cheque, or Cash)
3

DOCUMENTATION

  • Speak to our Advisor
  • Submit your remaining documents / details by any of the following modes:
    • eMail to info@TaxAssist.in
    • Courier to HelpDesk
    • Visit to our Branches
    • or even WhatsApp
4

FINALIZATION

  • Once we have finalised, we will send you the Draft for Approval
  • Once approved & submissions made, you will receive Final Documents from us by eMail, courier or visit.

DOCUMENTS

To initiate the process, we will request you to provide us the following basic documents:
(We donot require any original documents. The documents can either be Emailed, Couriered, Physically delivered to our branches or even Whatsapped to us)

    Resident (Individuals)
  • PAN
  • Passport
  • PIO, OCI (if applicable)
  • Aadhaar Card
    Resident (Corporates)
  • PAN
  • TAN, VAT, GST
  • MOA, AOA
  • Incorporation Certificate
    NRI's & Expats
  • PAN
  • Passport
  • PIO, OCI, CDC (if applicable)
  • Aadhaar Card


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EXPRESS ONLINE (TDS NOTICE)

Suitable for individuals having an income less than 10 Laks p.a and interest income only where there is an expected  tax refund of less than Rs 10000.Express Online is the perfect package for salaried individuals...

₹2,500.00
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Silver (TDS NOTICE)

Suitable for individuals having an income of Rs 10-20 Laks p.a and interest income only OR an investment portfolio of less than Rs 20 Laks...

₹5,000.00
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GOLD (TDS NOTICE)

Suitable for individuals having an income between Rs 10-20 Laks p.a Or an investment portfolio between Rs 20-50 Laks...

₹10,000.00
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DIAMOND (TDS NOTICE)

Suitable for individuals having an income of more than Rs 20 Laks p.a OR an investment portfolio of more than 50 Laks OR a net worth of more than 3 crores having CG from sale of Real Estate OR planning to relocate to/from India OR having income from ..

₹20,000.00
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PLATINUM (TDS NOTICE)

Premium personalised services for TDS Advisory, Filing, Certifications & Compliance with personalised attention throughout the transaction...

₹40,000.00
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TITANIUM (TDS NOTICE)

Suitable for individuals having an income of more than Rs 20 Laks p.a OR an investment portfolio of more than 50 Laks OR a net worth of more than 3 crore OR having CG from sale of Real Estate OR planning to relocate to/from India OR having an income ..

₹80,000.00
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Showing 1 to 6 of 6 (1 Pages)

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