TDS (Tax Deducted at Source) is one of the modes of collecting income tax from the assessees in India. This is governed under Indian Income Tax Act, 1961, by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue managed by Indian Revenue Service (IRS), Ministry of Finance, Govt. of India.
In simple terms, TDS is the amount of tax getting deducted from the person (Employee / Deductee) by the person paying (Employer/Deductor).
Advantages of TDS
· It facilitates sharing of responsibility of tax collection between the Deductor and the tax administration.
· It ensures regular inflow of cash resources to the Government.
· It acts as a powerful instrument to prevent tax evasion as well as expands the tax net.
There is a perception among several individuals that having paid taxes via TDS, filing of returns is not important, because after all, the government’s main objective is to ensure that its tax kitty is getting the revenue due to it. This is a misconception and it is essential to know that it is our constitutional obligation to file tax returns when you are required to do so. So your job does not end at paying taxes, filing returns is equally important.
Electronic TDS Return [or e-TDS return] is the process of converting the TDS information’s for various payments into an electronic form and file the e-TDS Return/statement in the specified format prescribed by the NSDL. e-TDS return is prepared in form No.24, 26 or 27 in electronic media as per prescribed data structure in either a floppy or a CD ROM.
As per Income Tax Act, all corporate and government deductors are compulsorily required to file their e – TDS return on electronic media. It is the duty of above mentioned deductors to deduct the amount of income tax before paying to others and prepare return in form No.24, 26 or 27 or 24Q, 25Q or 26Q in electronic media as per prescribed data structure.
TDSMAN - The No.1 eTDS & eTCS return filing software
TDSMAN is the complete eTDS & eTCS return filing software. The software enables eTDS & eTCS return generation of all types of Forms - 24Q, 26Q, 27Q, 27EQ. It also prints all the TDS, TCS certificates - Form 16, 16A, 27D.
TDSMAN is capable of handling large volumes of data spread over multiple assessees. Its usability is ideally fabricated to suit all types of assessees including corporates, banking and insurance companies, government bodies and above all the SMEs & individuals.
The software with its robustness, convenience and speed is being extensively used by CAs, Tax Consultants, TIN-FCs and other professionals for processing of eTDS & eTCS data for their clients.
Moreover, it has been rated no.1 as per NSDL data as acceptance of Correction Returns.
Some of its features are:
· Supports unlimited deductors / companies, deductees, employees
· Preparation of eTDS & eTCS returns for Forms 24Q, 26Q, 27Q, 27EQ
· Auto-generation of Form 16, 16A, 27A, 27B, 27D
· Printing of TDS, TCS certificates - 16, 16A, 27D
· Interface for online requests to TIN
· In-built utility for Import / Export of data from MS-Excel
· Option of importing / retrieving data from Consolidated files
· Data backup and restore facility
· integrated File Validation Utility (FVU)
· Generation & printing of various types of customized utility reports
· Report generation in PDF formats
· Online updates
· Challan verification
To download free trial of TDSMAN software, click here
To watch video demo of TDSMAN software, click here
To place an order for TDSMAN software, click here
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