TDS RETURN :- OVERVIEW

TDS return

What are the Benefits Associated with TDS Return Filing?

TDS is the abbreviated form for Tax Deducted at Source. It refers to the amount of tax that is deducted from the salary of an individual before the amount gets credited to the account. The deduction is done every month till the respective individual remains associated with the organization. If the employees are looking forward to a refund, then they need to file a TDS return.

The benefits of filing the return for TDS are uncountable. Want to know about some of them? Here they are…..

What is TDS Return Filing all about?

The concept of TDS return is all about asking for a refund of the amount by the employees that have been deducted by the company. If the payment exceeds the prescribed limit as per indicated by the government, then a certain amount is deducted in the form of tax. The rate at which the deduction will be made as prescribed by the Income Tax Department of India.

The company that deducts the TDS amount is referred to as the deductor. The individual whose tax gets deducted is referred to as the deductee. The accountability of both the parties take place before making the payment and the amount that is deducted in the form of TDS.

What Are Some Payment Categories Under which TDS Return is Filed?

The employer has a specific TAN number through which the employer can easily file the TDS return. TAN refers to the Tax Collection and Deduction Account Number. There are certain categories under which the payment for TDS return is filed for all, whether it is business or individual:

  • Salary of the individual
  • Source of income
  • National saving scheme payment
  • People working under the Government of India
  • The payment that is received from National Saving Scheme

In case of delay in the filing of TDS return, the individual is penalized. The benefits of filing the return are manifold.

What are Some Exclusive Benefits Associated with Filing of TDS Return?

Both the taxpayers and the Government enjoy the lucrative benefits associated with the filing of the TDS return. At the time of making a payment through cash, card, or cheque; a certain amount of item is deducted that gets deposited in the account of the income tax department.

Some of the highly remarkable benefits associated with filing of TDS return include the following:

  • Prevention from tax evasions – Filing of the TDS return prevents individuals from falling prey to tax evasions. Anyone missing the deadline for submitting the return is imposed a high amount as a penalty.
  • Serves a steady source of revenue – The filing of the TDS return serves to be a stable source of revenue for the Government of India. With so many people filing for the return, it becomes easy for the Government to carry on with necessary activities.
  • Helps in enhancing the sense of responsibility among all – Last but not least, filing of TDS return within a stipulated time frame helps in arousing a sense of responsibility among the people. It will help them to stand as responsible citizens of the country.

Post coming across some of the lucrative benefits associated with filing of TDS return, if you are also planning to carry on with the same; then logging in to Taxsavvy.co.in will be the best decision. It will assist you in the best possible manner to carry on with the process smoothly.

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