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TDS Registration

TDS (Tax deducted at service) concept was introduced with an aim to collect tax from the very source of income. We Smartcorp provide excellent services in TDS registration in Tirupur. The registration can be done easy and effectively in a short span of time with our domain expert’s team. TDS is a way of collecting Income Tax in India as per the Income Tax Act of 1961. The Central Board for Direct Taxes (CBDT) is reliable to cope with it.

Tax deducted at service can be applied to the fields like salary, commission, brokerage, royalty payments, contract payments, interest earned by financial investments, earnings from lotteries, rent income and professional fees etc. Tax is collected in order to maintain the revenue source stable for the government throughout the year for preventing the people from evading taxes.

What is the importance of TDS?

TDS enables you to pay your tax on your income, when you earn it. However, if you feel that TDS deduction is a burden for the salaried people? It also relieves the taxpayer from the burden of paying huge taxes all at once at the end of the financial year

Advantages of TDS

  • TDS reduces the chances of tax avoidance, as the tax is collected at source.
  • It is one of the steadiest sources of revenue for the government.
  • The tax collection base is widened as most of the people have to pay TDS in some or the other form.
  • It is expedient for the individuals as the tax gets deducted automatically.

Due date for Payment of TDS:

Tax deducted from the dedicatee should be deposited in the Government account within 7th of the following month

  • Tax can be deduced in the month other than March 7th of the following month
  • Tax can be deducted in the month of March 30th April of the next financial year

Interest on late deduction of TDS for every month will be 1% or part of a month and Interest on late payment of TDS after deduction will be 1.5% for every month.