Knowing TDS Filing Registration – Meaning & Concept
The Tax Deducted at Source, or TDS is considered as Income Tax reduced from the money paid while making rent/commission/professional fees/salary payments, etc. TDS is applicable on those people who receive income and is liable to pay Income Tax. In India TDS Registration is mandated on those who’re disbursing any type of payment to various recipient income groups in India.
According to IT Regulations, TDS Filing Registration is a valid proof that confirms that a respective entity, business or organisation pays salary or credits payments to recipient income group/groups, after deducting TDS (Tax Deducted at Source).
The primary purpose of mandating TDS Filing has been shared below-
- Revenue Collection from any entity or person falling under income groups by collecting taxes in advance.
- Adhere with applicable TDS Compliance by collecting deducted tax deposited by the deductor before making payment to any entity belonging to any income group.
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Key Reasons Behind Filing TDS Registration in India
- The TDS Filing Registration is mandated by the IT Department to prevent tax evasion.
- IT Department has mandated that every Taxpayer must disclose income source and pay applicable Tax Returns on their respective income falling under the respective Income Tax Return slab.
- Accurate TDS Filing enables TDS filers to avoid hefty penalties levied by the Income Tax Department of India.
- On-Time submission of TDS Filing assures TDS Compliance fulfillment easily.
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Key Obligatory TDS Compliances for Fulfilment
Apar from obtaining the necessary TDS Filing Registration, the concerned TDS Filers must assure fulfilment of these few applicable TDS Compliances shared below-
- On-time deduction, deposit, and TDS filing to avoid late fees, interest, and penalties.
- Maintaining accurate records of every TDS transaction, challans, and returns.
- Assure proper PAN details of deductees to avoid higher deduction rates.
- Salaried individuals and similar applicants must be issued Form 16 by 31st May annually, and Form 16A must be issued quarterly.
- Deductees or TDS filers must respond to TDS-related notices or communication from the IT Department.
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Who Are Eligible for TDS Filing Registration?
- Entities, Corporation, or Businesses employing individuals to pay salaries are entitled to obtain TDS Filing Registration in India.
- Government-owned PSUs.
- Various government departments that disburse salaries to respective recipients.
- Partnership/Sole Proprietorship Firms.
- Freelancers and Consultants.
- Financial Institutions.
- Banks/Non-Banking Financial Companies, etc.
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Key Differences Between TDS Filing Registration Vs. TDS Return Filing
TDS Filing Registration | Registration for TDS Return Filing |
---|---|
Applicable on Employers, Businesses, Banks and Individuals responsible for TDS Deduction | Applicable on entities who have deducted their TDS and need to submit return file every quarter |
It’s mandatory to secure the ability to deduct TDS by obtaining TAN | It’s needed to comply with the requirement for reporting the figure deducted as TDS and deposited to Govt. by filing Tax returns. |
It’s a one-time process | Submission of TDS return filing is mandatory for every year. |
Why Choose ARKCA Corporate for TDS Filing in India?
ARKCA Corporate owns a team of 350+ professional tax consultants known for offering expert assistance on TDS Filing Registration in India. Our custom tax consultation service covers –
- One-Stop assistance in accurate TDS Calculation
- Assuring you to avoid any delay in TDS Filing
- Custom guidance on TDS Record Reconciliation and fulfillment of applicable Compliances
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