Duration : 3 to 4 Months / Type : Diploma / Mode : Part Time
OBJECTIVES: The objective of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) is primarily to ensure a smooth and efficient collection of taxes by the government. These systems are designed to achieve various fiscal and administrative objectives.
Course Structure
Definition of TDS
- TDS is a system where a person responsible for making specified payments deducts tax at the source and remits it to the government.
- Governed by specific sections of the Income Tax Act in various jurisdictions.
- It is applicable to a wide range of payments, including salary, interest, rent, professional fees, and more
Applicability
- Applicable to salary, interest, rent, commission, professional fees, and other specified payments.
- Different rates for different types of payments as per the Income Tax Act.
- Entities deducting TDS must obtain a Tax Deduction and Collection Account Number (TAN).
TDS deduction and payment
- TDS is deducted by the payer at the time of making specified payments.
- TDS is deducted by the payer at the time of making specified payments.
- Payers must have a Tax Deduction and Collection Account Number (TAN) for TDS deduction.
Adjustment of TDS against tax liability
- TDS amount deducted by the payer is credited to the PAN (Permanent Account Number) of the deductee.
- Deductees can view their TDS details in Form 26AS, available online.
- Deductee can adjust the TDS amount against their total income tax liability while filing the income tax return.
TCS deduction and payment
- TCS rates vary based on the type of goods or services being transacted.
- Specific rates are prescribed for different categories of goods and services under the Income Tax Act.
- TCS is applicable when the sale value exceeds specified threshold limits for the respective goods or services.
TCS Certificate
- TCS rates vary based on the type of goods or services being transacted.
- Specific rates are prescribed for different categories of goods and services under the Income Tax Act.
- TCS is applicable when the sale value exceeds specified threshold limits for the respective goods or services.