Withholding Tax Management
Under the provisions of the Income Tax Act, a number of payments are subject to ‘tax deduction at source’(TDS) or withholding tax. Depending on the nature of expenditure, the tax rates and their mode of payment, treatment in accounts also differ.
Our services in relation to tax deductions include:
- Providing assistance in obtaining the ‘tax deduction account number’ (TAN).
Note : Under the income tax laws, every person deducting tax shall apply for allotment of a TAN. Thereafter, this TAN needs to be quoted in all challans for the payment of TDS, in TDS certificates, all TDS returns, and all other documents pertaining to such transactions as may be prescribed.
- Advising on the rates of tax to be withheld on different types of payments based on the statutory provisions.
- Deduction & deposit of the Withholding Taxes in the government treasury by the due date.
- Filing of Quarterly e-TDS returns.
- Preparation and issuance of TDS Certificates in the prescribed form for each of the payments on which these taxes are withheld.