Advantages of Filing TDS Return

March 2, 2016 - PRLog -- It is a recognized truth that each individual, who has earnings of more than the non-taxable limit of yearly income must pay taxes and file income tax returns time to time in order to keep away from being charged by the government. Income tax return filing is actually a liability of all respectful citizens. TDS is the Tax Deducted at Source is the amount of money cut of the income by the governmental institutions, institution, employer, or any other source where you get your earnings from. This is cut as you are destined to disburse the tax beforehand.

The income tax act builds it compulsory for the person paying of such income to slice a fixed proportion of the income by the technique of income tax and provide only the balance sum of the receiver of the earnings. The amount of tax deducted by the taxpayer at the source it is to be put down in the Government capital to the credit of the Central Government within definite time specified by the act of income tax.

The amount deducted as TDS from the earnings of the receivers is deemed to be the total money paid as income tax by the receivers when income tax assessment is filed by them. Income coming from various sources is subject to TDS. Some of the incomes which comes under the TDS act are salary, interest on securities, dividend, brokerage, lottery wins, commission, money won in horse races, fees for professional services, rent, fees for technical services.

Advantages of TDS:

TDS is purely based on the theory of ‘pay as and when you earn’. Tax Deducted at Source is a win-win situation for equally the government and the taxpayers. Tax is deducted while making payments through credit, cheques or cash, which is then deposited in accounts of central agencies.

• Liability sharing for tax collection agencies and deductor.
• Stops tax evasion.
• Broadens the tax collection base.
• Stable source of income for the government.
• Easy for a deductee as tax automatically gets collected and deposited to credit the of central government.

To file TDS return any person can go for e-TDS these days. For online TDS return filing anyone fill the TDS return form accessible on the website of Income Tax Department.

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