What is TDS (Tax Deducted at Source)?
TDS is a system under which tax is deducted at the source of income before the payment is made to the recipient. It is applicable to various types of payments such as salaries, interest, rent, professional fees, and more. The person responsible for making the payment deducts a certain percentage as tax and remits it to the government on behalf of the recipient.
What is TCS (Tax Collected at Source)?
TCS is a tax collected by the seller from the buyer at the time of sale of certain goods and services. This provision applies to specific transactions, such as the sale of scrap, liquor, timber, or other notified goods, where the seller collects tax from the buyer and deposits it with the government.
Services Offered in TDS/TCS:
TDS/TCS Compliance:
Ensuring accurate deduction and collection of taxes at the source as per the applicable rates and guidelines.
Timely filing of TDS/TCS returns and payment of taxes to avoid penalties and interest.
Assistance with understanding the latest changes in TDS/TCS provisions and implementing them effectively.
TDS/TCS Filing and Documentation:
Preparation and filing of TDS/TCS returns (Form 24Q, 26Q, 27Q, 27EQ) with the Income Tax Department.
Ensuring timely submission of TDS/TCS returns within the due dates to avoid late fees.
Proper maintenance of records and certificates such as Form 16, Form 16A, and Form 27D.
Tax Planning and Advisory:
Advice on structuring payments to minimize TDS/TCS liabilities and optimize cash flow.
Guidance on exemptions, deductions, and applicable thresholds to reduce the TDS/TCS burden.
Suggestions on making advance payments and claims for refunds in case of excess tax deductions or collections.
TDS/TCS Audits and Verification:
Conducting TDS/TCS audits to ensure accurate deductions, collections, and compliance with legal requirements.
Verifying the correctness of TDS/TCS returns filed by ensuring proper documentation and supporting information.
Representation Before Tax Authorities:
Representing clients in case of TDS/TCS-related assessments, audits, or disputes.
Resolving issues related to incorrect deductions, mismatched records, or penalties imposed by tax authorities.
Refunds and Adjustments:
Assistance with claiming refunds for excess TDS/TCS deductions and adjustments against future liabilities.
Filing applications for correction in TDS/TCS returns when required.
Why Choose Us for TDS/TCS Services?
Our experienced team of Chartered Accountants ensures that your business stays fully compliant with TDS/TCS regulations. We provide proactive solutions for timely deductions, proper filing, and optimized tax management. By offering personalized guidance, we help you avoid legal challenges and minimize penalties, allowing your business to focus on growth and profitability while we take care of your tax obligations.