TDS RETURN :- OVERVIEW
What are the Benefits Associated with TDS Return Filing?
TDS is the abbreviated form for Tax Deducted at Source. It refers to the amount of tax that is deducted from the salary of an individual before the amount gets credited to the account. The deduction is done every month till the respective individual remains associated with the organization. If the employees are looking forward to a refund, then they need to file a TDS return.
The benefits of filing the return for TDS are uncountable. Want to know about some of them? Here they are…..
What is TDS Return Filing all about?
The concept of TDS return is all about asking for a refund of the amount by the employees that have been deducted by the company. If the payment exceeds the prescribed limit as per indicated by the government, then a certain amount is deducted in the form of tax. The rate at which the deduction will be made as prescribed by the Income Tax Department of India.
The company that deducts the TDS amount is referred to as the deductor. The individual whose tax gets deducted is referred to as the deductee. The accountability of both the parties take place before making the payment and the amount that is deducted in the form of TDS.