TDS Returns, TCS, Advance Tax, Self Assessment and Balance Sheet Class Start 18/03/2025

TDS (Tax Deducted at Source) is a mechanism where a part of the income is deducted at the source of payment before it reaches the recipient. This deducted amount is then deposited to the Income Tax Department by the deductor (the payer).

A TDS Return is a quarterly statement that summarizes the TDS deducted and deposited by the deductor during a specific quarter. It is a crucial part of tax compliance for businesses and individuals in India.

Here are some key points about TDS Returns:

• Who needs to file:
  • Compulsorily: All companies and government entities are required to file TDS returns electronically.
  • Optionally: Other deductors, such as individuals or partnerships, can also file electronically, though it’s not mandatory.
• Forms used: The specific form used for filing TDS returns depends on the type of payment:
  • Form 24Q: For salary income
  • Form 26Q: For other types of payments, like rent, interest, professional fees, etc.
  • Form 27Q & 27EQ: For specific cases like payments to non-residents and refunds
• Filing frequency: TDS returns are filed quarterly, within a specific due date for each quarter.
• Process: TDS returns are typically filed electronically through the Income Tax Department’s website.

➢Basic Concept of TDS

➢Sections:- 192, 194A, 194B, 194C, 194G, 194H, 194I,194J, 194IA, 194IB, 195, 194Q, 194R

➢DTAA and TRC

➢TDS Payment – Due Dates

➢TDS Return(24Q , 26Q , 27Q, 27EQ)

➢Calculation of Interest on TDS

➢TDS Certificates

➢TDS Returns – Due Dates

➢Advance Tax

➢Self-Assessment