Tax Deducted at Source
The concept of TDS was introduced with an aim to collect tax from the very source of income. ... to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor. ... TDS/TCS return related Services.
What is TDS and how it is calculated?
TDS on salary can be calculated by reducing the exemption from total annual earning as specified by the Income Tax department. In case of tax exemption, the employer is required to obtain a declaration and proof from the employees to approve tax declaration. One can consider the following categories for tax exemption.
Important TDS Dates
Quarter 1 - 1st April 2020 till 30th June 2020 - Date of Filing TDS Return - 31st July 2020. Quarter 2 - 1st July 2020 till 30th September 2020 - Date of Filing TDS Return - 31st Oct 2020. Quarter 3 - 1st October 2020 till 31st December 2020 - Date of Filing TDS Return - 31st Jan 2021. Quarter 4 - 1st Jan 2021 till 31st March 2020 - Date of Filing TDS Return - 31st May 2021.