Under the GST regime we have the basic 3 kinds of taxes. – CGST, SGST and IGST. In addition, as per the GST law, certain categories of registered persons will be required to deduct taxes while making payments to supplier i.e TDS and deposit it with the government. Tax Deducted at Source (TDS) is one of the ways to collect tax based on certain percentages on the amount payable by the receiver on goods/services. The collected tax is a revenue for the government. 

TDS filing-

There are different types of TDS return forms based on the nature of income for example TDS where deductee is a non resident, foreign company and TDS on payment for transfer of certain immovable property as well as TDS on any other case. 

Bhandari  & Associates makes sure that the various TDS submission needs are met as per your requirement. A TDS Return is a quarterly statement which has to be submitted to the income tax department. Submitting TDS Return is mandatory if you are a deductor. It has details of TDS deducted and deposited by you. TDS Returns include details of PAN of the deductor and deductees, particulars of tax paid to the government, TDS challan information and other details as required in the forms.

As per the government’s TDS Scheme, tax has to be deducted at the time of making payment. Person who makes the payment – deducts & deposits TDS with the government.

TDS deducted is usually deposited to the government by submitting an ‘income tax challan’ along with the payment, which we shall manage for you. 

Income Tax Return Filing 

A tax return is a form filed with a taxing authority that reports income, expenses, and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes. In most countries, tax returns must be filed annually for an individual or business with reportable income (e.g., wages, interest, dividends, capital gains, or other profits).

There are three sections of a tax return and we make sure that all these three processes of return filings are completed on due time as per your requirements and keep the income section, deductions and tax credits section updated. 

After reporting income, deductions, and credits, the taxpayer ends their tax return.  The end of the return identifies the amount the taxpayer owes in taxes or the amount of tax overpayment. Overpaid taxes may be refunded or rolled into the next tax year. Taxpayers may remit payment as a single sum or schedule tax payments on a periodic basis.  Similarly, most self-employed individuals may make advance payments every quarter to reduce their tax burden.