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What is tds12

keshavamurthy mb (158 Points)

16 February 2025

what is tds

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (6821 Points)
Replied 16 February 2025

TDS12, also known as Form 12, is a quarterly statement that employers must submit to the Income Tax Department of India. It's a crucial document for Tax Deducted at Source (TDS) compliance. Purpose of TDS12 1. _Quarterly TDS Statement_: TDS12 is a quarterly statement that summarizes the TDS deductions made by an employer during a specific quarter. 2. _Employer's TDS Obligations_: It helps employers fulfill their TDS obligations, ensuring they've deducted and deposited the correct amount of taxes. Key Components of TDS12 1. _TDS Deductions_: Details of TDS deductions made on salaries, interest, dividends, and other payments. 2. _TDS Deposits_: Information about TDS deposits made by the employer, including the dates and amounts. 3. _Challan Details_: Details of challans used to deposit TDS, including the challan numbers and dates. Importance of TDS12 1. _Compliance_: TDS12 helps employers comply with TDS regulations and avoid penalties. 2. _Tax Credit_: Accurate TDS12 statements ensure that employees receive correct tax credits. 3. _Reconciliation_: TDS12 facilitates reconciliation of TDS deductions and deposits, reducing errors and discrepancies. Filing TDS12 1. _Quarterly Filing_: TDS12 must be filed quarterly, by the specified due dates. 2. _Online Filing_: Employers can file TDS12 online through the TRACES portal or through authorized intermediaries. By understanding the significance of TDS12, employers can ensure accurate and timely compliance with TDS regulations.

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