Overview of Tax Deducted at Source Filing Return
Tax Deducted at Source is a part of Income Tax that is deducted by the organization itself for certain payments made by them to you, these payments include rent, commission, professional fees, salary, interest, etc. In this way, income tax is already deducted in advance from the payment being made for you.
As mentioned in the Income Tax Act, any person who is making a specific amount of payment to you. Your employer's conduct Tax Dedcuted at Source at the income tax slab rates applicable. Banks deduct TDS @10% or they may deduct @ 20% if they want.
However, the receiver can always apply for TDS Return to get the refund only if the income is lower than the basic limit. Also, you can always apply Lower rate TDS deduction Certificate, if you meet certain requirements.
What is TDS Return?
All the taxpayers are segregated according to the different income tax slab that is set in accordance with your income. Many times, taxes paid by TDS are more than the actual tax payable. In such cases, an assessee can always claim the TDS refund.
Steps to Claim TDS Return Online
At the time of filing a TDS Return, the assessee needs to compile all the sources of income to determine the tax liability. This process is a little complicated as one has to go through all the annual transactions to represent the actual income.
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First, we seamlessly process and verify your data for the collection then prepare it in the proper structure as per the stated requirements, under the guidance of experts to ensure that you comply with IT policies.
We make sure that you are aware of every step to maintain data transparency as well as security. To save your time as well as efforts, we at Muneembhai accomplish the complete process on your behalf.
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