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.

For eg., Mr. Kapoor rented an apartment and paying more than Rs.50,000/-, then he must deduct 5% of the rent and pay the remaining to the landlord. The deducted 5% is the TDS, that he must file under his TDS return.

• Employers and organisations with a valid TAN are qualified for filing TDS returns. Individuals whose accounts are audited under Section 44AB, and hold an office under the government or companies are liable to file online TDS return every quarter.

1-A duly filled and signed application form
2-A passport-sized photograph of the proprietor or authorised partner/director/trustee etc.
3-Electricity Bill, Telephone Bill or water Bill of Business Location or Premise or Rent Agreement if Office is Rented
4-Registration certificate for the business
5-PAN Card of Proprietor or company/firm/trust etc.

Non-reflection of TDS credit in Form 26AS can be due to several reasons like non-filing of TDS statement by the payer, quoting incorrect PAN of the deductee in the TDS statement filed by the payer. Thus, in case of non-reflection of TDS credit in Form 26AS, the payee has to contact the payer for ascertaining the correct reasons for non-reflection of the TDS credit in Form 26AS.

TDS Certificates are of two types: Form 16 and Form 16A. Under Section 203 of the Income Tax Act, 1961, a certificate must be provided to the deductee showing the amount that has been subtracted as tax. The deductor is liable to provide this form to the deductee.

The government uses TDS as a tool to collect tax in order to minimise tax evasion by taxing the income (partially or wholly) at the time it is generated rather than at a later date. TDS is applicable on various incomes such as salaries, interest received, commission received, dividends etc

How many times can one correct or revise in the TDS Return Statement? Any alteration in the TDS Return statement shall be provided numerous times to integrate changes in the regular TDS report while a regular TDS statement will be acknowledged at the TIN central system only one time.

A unique 15-digit provisional receipt number (PRN) is issued along with every provisional receipt. This receipt number will be regarded as the future reference for the return of that particular quarter of the financial year.

A provisional receipt is issued for a transaction not yet completed, such a the receipt of a revised form, as proof of it being furnished. An acknowledgment receipt is a recipient's confirmation that the items were received by the recipient. A delivery receipt may is to acknowledge that something was delivered.

Cancel accepted statement. This type of correction is known as Y. Cancellation of Regular TDS/TCS can be done only if the TAN of the deductor is being revised. When you cancel the regular statement with incorrect TAN, it is necessary to file a new regular TDS/TCS statement with the correct TAN.