What is TDS in Income Tax | Complete guide of TDS | Basics of TDS

📍In this session we have discuss about the concept of TDS in India, what is TDS in income tax, complete guide of tds and basics of TDS. The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose 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 deductor.
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📍Payment of TDS
Payment of TDS to be done monthly and due date is 7th of the following month (30th April for march month)
📍Late payment of TDS
This point cover two aspects
1.If TDS not deducted - interest @1 % pm
2.If TDS Deducted but not deposited - interest @1.5% pm
📍Return of TDS
Form 24Q Statement for tax deducted at source from salaries
Form 26Q Statement for tax deducted at source on all payments other than salaries.
Form 27Q Statement for tax deduction on income received from interest, dividends, or any other sum payable to non residents.
Form 27EQ Statement of collection of tax at source.
📍Late filing of TDS Return
Penalty under section 234E & 271H are imposed on non filing of TDS Return within due date
Sec 234E - The deductor will be liable to pay by way of fees Rs.200 per day till the failure to pay TDS continues. However, the penalty should not exceed the amount of TDS for which the statement was required to be filed.
Sec 271H - The Assessing Officer may direct a person who fails to file the statement of TDS within the due date to pay a minimum penalty of Rs.10,000 which may be extended to Rs.1,00,000. The penalty under this section is in addition to the late filing fee u/s 234E. This section will also cover the cases of incorrect filing of TDS returns.
🔗Download TDS Rate Chart - bit.ly/3hv6UwM
🔗Download Class Notes - bit.ly/3oktqK1
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Disclaimer- Although all provisions, notifications, updates and live demo are analyzed in-depth by our team before presenting to public. We hereby provide our point of view only and tax matter are always subject to frequent changes hence advisory is only for the benefit of general public. Hence neither Fintaxpro Advisory LLP nor its designated partner are liable for any consequence arises on the basis of You Tube videos.
#TDS #Tax #deducted #source
⏰Time Stamp
0:00 Intro to TDS
0:26 What is TDS?
4:16 How to claim TDS refund/credit?
5:45 What are the objectives of deducting tax at source?
10:20 Rate of TDS?
10:59 How to pay TDS?
11:18 How to generate challan for TDS payment?
22:18 What is TCS?
26:26 Can we charge TDS on GST value?
29:16 Accounting Entry of TDS
38:07 Outro

[@EjazAhmed-xp3lp]

SIR SAB SE ACHI BAT MUJHE YEH LAGI K AAP SIRF TOPIC BATEIN KARETIN HAIN, BAKI IDHAR UDHAR KI BAT NAHI KARTE, SAB SE ACHI CHIZ HAI.BAKI AAP PADHANE MEIN MASHALLAH BAHUT ACHE HAIN.

[@FinTaxPro]

Glad you like it

[@kirangorad5154]

So nice and detailed description... It was like, you are seating front of us and explaining the TDS. Really appreciate...

[@FinTaxPro]

Glad you like it

[@hansrajkale7360]

​@@FinTaxProHello Sir .send me the pdf of all section thresholds limit under tds

[@hansrajkale7360]

​@@FinTaxProOutstanding work sir some people required knowledge of pdf .

[@shrutiverma5739]

Explained very nicely sir. Helped a lot.

[@FinTaxPro]

Glad you like it

[@mohamamdsaeedhussain6109]

Sir apka video shi lga

[@FinTaxPro]

Glad you like it

[@vilasambhore4837]

Detailed description....very nice

[@sardarpatel6007]

Best evar you tube video

[@sareeb2230]

Amazon and Flipkart pe jo proprietor seller hai, usko TDS compliance kaise karna hai wo cover kijiye next vdo mein. Flipkart TDS report generate karta hai har month but Amazon pe aise koi report generate nahi hoti.

[@SCL-INFOent]

Best video for learn

[@tallygyan7583]

THANK FOR THIS TOPIC AND I AM ALSO LOVE YOUR CHANNAL

[@FinTaxPro]

Glad to hear

[@shalinisingh962]

Thanku so much sir for teaching nicely..

[@user-eg8zg3dd7o]

sir.is tds on labour charges applicable if there is no contract.company directly hired them .working under supervision of company who is paying them directly

[@sandhisamir3299]

Informative viedeo Vivek sir 🙌

[@FinTaxPro]

Glad you like it

[@noname-hb2ed]

excellent sir thank you sir

[@itsvinitsingh]

Thank you so much sir

[@shrikantpise8436]

Thanks sir ji 🙏 🙌 👍 😊

[@bhavinnath3416]

Superb details

[@sushilsakpal8963]

DATE OF PAYMENT CONSIDER KARNE KE DATE OF BILL/INVOICE MEANS SUPPOSED BILL IS OF DEC 22 AND PAYMENT CHQ ISSUED IN JAN23 THEN TDS PAYMENT DUE DATE IS FEB 7 OR JAN 7 ? PLS CLEAR THIS CONFUSION

[@EjazAhmed-xp3lp]

OR MAINE AAP KA ITR, TDS AND GST COURSE PE ENROL KAR RAKHA HAI.

[@shaileshs5206]

Sir make a video on PF and ESI

[@techking3907]

Thanks brother

[@sharanudj4223]

For e commerce TDS and filing ITR make a video

[@kansingh5968]

Nice video thanks sir.

[@surajkumar7995]

Sir your way of explanation is good

[@sheetalborse]

Nice explain

[@vijaykumar-nt3hd]

Thank you

[@ashubandhari7642]

Very helpful video

[@AmitRaj-ks1gt]

What is HSN in GST in accounts only treatment in tally ERP 9 complete guide.

[@AngryWorld.]

Sir please bring a video on Indian Custom

[@sundarsikrwar5937]

Very nice

[@AnupSingh-hf5ro]

good

[@Sanju-ku4so]

TDS agr samne wala jma na kre toh kya kr skte hai sir

[@vijaymandal5853]

Please explain Tds on salary

[@abuzararshad7771]

sir please Explain the all TDS rate in one video

[@Harrychinwan111]

29:16 accounting Entery mai journal Entry bhi mar skte hai 31 ko alag se Entery TDS receivable 100000 To. Vivek 100000

[@raviparmar1800]

How to fill HSN summary in gstr 1 for e-commerce seller. Please sir iske per ek video banaiye.

[@shilpivarma6355]

Nice explained

[@jaypanjwani4112]

Sir what are the due date of filing TDS return Last quarter of F/Y 2020-21 June 30-June-2021

[@FinTaxPro]

Yes 30 June 2021

[@viveklambhate9752]

Plz video on TDS reconallication sir plz sir

[@arunranga3646]

Sir tds and tcs what how payable , return , revise return, consume challan how and tds whole section return tcs return whole

[@FinTaxPro]

Course m sari cheze detail m discuss ki hui h

[@karanthaker1919]

Is this video recorded from Web cam that you purchased on 16th Jan - 2021?

[@FinTaxPro]

No it is from mobile.

[@ansh831]

Sir mene March 2021 ki return due date ke 15 days baad file ki thi...ab muje jo interest pay karna hoga wo muje April ki 3b ki return me jo liability hogi us amount par karna hai ya march ki jo liability thi us par.... please reply

[@shrikantpise8436]

Thanks sir 🙏

[@FinTaxPro]

Most welcome

[@hiteshthakkar1225]

can we get party wise ledger from tds return

[@nitingoyal5952]

Sir In case , i received interest on loan how can i paid tds i can't have tan

[@abdulfareed3277]

Hello Sir How many days take tds claim Amount received

[@FinTaxPro]

There is no such limit

[@shivanivarma5528]

Nice work 👍

[@pramodbobee]

Please share TDS returns Video

[@sonubhardwaj5503]

Software purchase pr tds katega ya nahi

[@sonitalwar1284]

Thank you sir for the details explain tds

[@accountsjob5448]

Section wise threeshold limit bol dijiyega

[@afgankhankhan1357]

Sir Excel Sheet mein Errora Raha Hai Microsoft office Kon Sa Use Kare 2010 2016 2019

[@harshmaheshwari3810]

Sir Tds return par bhi video bnaaoge??

[@FinTaxPro]

Already made

[@afgankhankhan1357]

Sir GST R1B GST R3B Mein Kiya Fark Hai Monthly Dono Fill Kare Ya Fir Ek Our Har Mahine Details please reply

[@dheerajsinghla1029]

Gstr 1 is a sale return it is filed monthly or quarterly according to condition . but gstr 3b is a summary of purchase and sales and in this will pay tax to gov. , sett off liability from ITC. So it is also filed monthly or quarterly according to condition.

[@FinTaxPro]

@@dheerajsinghla1029 Right 👌

[@dheerajsinghla1029]

@@FinTaxPro thanks sir

[@afgankhankhan1357]

Thanks sir

[@dragonballz3040]

Bhai TCS ke uppar bhee laoo video

[@sanketgupta3020]

i want to buy only tds full course please refer such course

[@sumitprajapati5103]

Amazing Sir🥳 How you also make video on tds return filing.

[@sumitprajapati5103]

Hope

[@himanshumalik5426]

Vivek sir, construction company me Kish Kish party kaa tds katna hota h kya aap muje explain kr skte h

[@FinTaxPro]

Basically need to deduct tds on work contract and services

[@abhishekvishwakarma500]

👌

[@deepakgiri839]

Sections wali video kab aaygi Sir???

[@FinTaxPro]

That is included in our course only :)

[@riviteshjha530]

Sir are you a CA

[@nakultiwari8798]

👍

[@Sameer_K77777]

Yaar khud confused hai kab aaye ga tds aur mujhe bhi kar raha hai interview hai mera job achhe se samjha thoda 😅

[@FinTaxPro]

abe nikal pehli fursat m....

[@riyatiwari9148]

👍

[@priyatomar4035]

👍