TDS Return + TDS Guidance
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TAN or Tax Deduction and Collection Number (TAN) is mandatory 10-digit alpha number required to be obtained by all persons who are responsible for TDS or TCS
TAN or Tax Deduction and Collection Number (TAN) is mandatory 10-digit alpha number required to be obtained by all persons who are responsible for Tax Deduction at Source (TDS) or Tax Collection at Source (TCS). Tax deducted at source (TDS) ensures that the Government’s collection of tax is proponed and the responsibility for paying tax is diversified. The person deducting the tax at source is required to deposit the tax deducted to the credit of Central Government – quoting the TAN number. Individuals who are salaried are not required to obtain TAN or deduct tax at source. However, a proprietorship business and other entities (i.e., Private Limited Company, LLP, etc.,) must deduct tax at source while making certain payment like salary, payments to contractor or sub-contractors, payment of rent exceeding specified threshold etc. TaxFino can help obtain TAN Registration.
Those entities have TAN Registration must then file TDS returns. TDS returns are due quarterly. TaxFino can help you file e file your TDS returns online. Our TDS experts can help you compute your TDS payments and e file the TDS return and keep you in compliance with TDS regulations.
Benefits
TDS should be deducted on specified payments to avoid disallowance of expense
TDS should be paid and TDS Return should be filed on time to avoid interest and late fee
Eligibility
Following persons/businesses are required to obtain TAN & file TDS return:
- Private Limited Company
- Public Limited Company
- Limited Liability Partnership (LLP)
- Partnership Firm
- Proprietorship Firm/Individual/HUF liable for Tax Audit in the previous year
However, in case of rent payments made by individuals and HUF exceeding Rs 50,000 per month, are required to deduct TDS @ 5% even if the individual or HUF is not liable for a tax audit. Also, such Individuals and HUF liable to deduct TDS @ 5% need not apply for TAN
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