Zippyway

TDS

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    Overview

    Every business, whether a startup or an existing company, is certain to incur some expenses or to make payments to its parties irrespective of its size and scale. Thus TDS provisions apply to all types and size of businesses. It applies in the same or similar way to a proprietor, firm, LLP or a company registered under the companies, Act. 2013. The payment of expense by a person is an Income in the hands of the recipient. Thus the payor is under a liability to deduct the tax at applicable rates while making payment to the party. For small payments, the provision of TDS does not apply until it crosses a threshold limit as prescribed. It must be noted that the TDS is applicable only on the specified payment and after it reaches the threshold limit. The most common types of expenses on which TDS is applicable is provided hereunder.

    Process of TDS

    Deduction of TDS

    Any person making specified payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such specified payment. But no TDS has to deducted if the person making the payment is an individual or HUF whose books are not required to be audited.

    Deposit TDS

    Generally, the due date for TDS payment is always the 7th day of the next month, with a few exceptions.

    TDS Return

    1st Quarter - 1st April to 30th June - 31st July 2nd Quarter - 1st July to 30th September - 31st October 3rd Quarter - 1st October to 31st December - 31st January 4th Quarter - 1st January to 31st March - 31st May

    TDS Certificate

    Form 16, Form 16A, Form 16 B and Form 16 C are all TDS certificates. TDS certificates have to be issued by a person deducting TDS to the assessee from whose income TDS was deducted while making payment.

    FormCertificate ofFrequencyDue date
    Form 16 TDS on salary payment Yearly 31st May
    Form 16 A TDS on non-salary payments Quarterly 15 days from due date of filling return
    Form 16 B TDS on sale property Every Transaction 15 days from due date of filling return
    Form 16 C TDS on rent Every Transaction 15 days from due date of filling return

    Frequently Asked Questions

    Most frequent Questions and Answers

    Yes, Zippyway is an Online Platform serving all over India. Thus, No matter where you doing your business, all you need is Internet Connection on your mobile or desktop and we are ready to get your job done.

    No, You don’t need to be physically present for the process. Zippyway is an Online Catering Platform, all you need is Internet Connection in your device and the required documents with you. We will get the job done even if you are present at the remotest location of India.

    In most of the cases, you will receive the final soft copy of Certificates (or the requisite document) over e-mail and in relevant cases, you will receive the hard copy through the post.

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