TDSÂ (Tax Deduction at source) isÂ to collect tax from the very source of income. Tax Deduction and Collection Number (TAN) is mandatory to be obtained by the persons who are responsible for Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) on behalf of the Government.
The deductor is a person who is responsible to deduct the tax at source of the person (deductee)Â has to deposit into the account of the Central Government – quoting the TAN number. The deduction from the deductee’s income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the dedicator. Salaried Individuals are not required to file TDS.Â Entities like Private Limited Company, LLP, etc., and Proprietorship businesses must deduct tax at source while making payments like salary, contractor or sub-contractors payments, Rental payment above Rs.1,80,000 per annum, etc.
Arama can help obtain TAN Registration and helps you to compute and file TDS returns.