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TDS or Tax Deducted at Source is an income tax that is collected from certain payments like rent, salary, commission, interest, professional fees, etc. The person paying the amount should deduct TDS from such a payment. As per the Income Tax Act, any company or a person is required to deduct tax at the source itself if the money paid exceeds the specified limit. The person who receives a payment also has a liability to pay tax on their income. The payee will receive credits against the TDS payments, which they can claim against their actual tax liability while filing the annual ITR. The purpose of TDS may have been to reduce the chances of tax
Tax Collected at Source is an additional tax amount that is imposed by the seller on the buyer at the point of sale. The seller is only responsible for collecting this tax from the buyer and depositing the same to the Government; he or she is not responsible for paying it. TCS is applicable only in case of specific goods/transactions that are related to trading of timber wood, minerals, etc. It is essentially an additional amount that is collected as income tax revenue on the trading of goods by the Government of India.
TDS and TCS compliance are crucial for businessmen, professionals, and consultants. This comprehensive course covers everything about TDS and TCS, including clear explanations of concepts by section, applying for a new TAN, registering and activating a new TAN, filing all TDS and TCS returns (including for salary) using the free NSDL software (RPU utility) downloading Form 16/16A/16B/16C, applying for lower deduction certificates, late fees, TDS return correction/revision (challan & deductee), TDS on non-resident, TDS on property, and much more.
Joining this highly beneficial course will equip you to start your own consultancy in TDS and TCS. It’s essential to have a good understanding of TDS and TCS compliance as the consequences of non-compliance can be severe. You’ll be in a better position if you adhere to these requirements.
This course is suitable for both beginners and professionals seeking to upgrade their analytical and practical skills in taxation.
With a focus on practical application and analysis, this course covers the provisions, rules, updates, case studies, amendments, and computations related to TDS & TCS as well as the practical filing of GST returns.
The content is presented in a clear and lucid manner, allowing beginners to grasp the fundamental concepts of GST and Income Tax, while professionals can recapitulate and enhance their taxation skills.
The course content is updated to incorporate the latest changes introduced by the Finance Act 2024.
By completing this course, learners will acquire the necessary knowledge and practical skills to TDS & TCS effectively. They will gain confidence in analyzing tax-related challenges and ensuring compliance with the latest regulations.
TDS Conceptual Clarity How to Apply for New TAN New TAN Registration Process on Income tax Portal How to Register and Active New TAN on Traces Know PAN for TDS Sec 192 TDS on Salary Sec 192A Pre mature withdrawal of Provident Fund Form 24Q Filing (Through Free Software RPU by NSDL) Sec 194C TDS on Contractor Sec 194D, 194H & 194G TDS on Commission Sec 193 Interest on Securities Sec.194A TDS on Interest other than securities Sec.194 TDS on Dividend Sec.194B & BB TDS on Winnings Sec.194DA Payment of Maturity amount of life insurance premium Sec.194E Payment to non-resident sportsmen or Sports association or Entertainer Sec.194EE National Saving Scheme Sec.194F Payment on repurchase of Units by Mutual fund/UTI Sec 194I TDS on Rent
Sec 194IA TDS on property (PAN based Challan cum return Detailed coverage) Sec 194IB TDS on Rent by certain individuals (PAN based Challan cum return Detailed coverage) with Filing of 26QC Sec 194IC Payment under Joint Development Agreement Sec 194J TDS on Professional services Sec 194LA Compensation on Compulsory acquisition of immovable Property Sec 194K TDS on contract, commission or brokerage or Fee for Professional service. Sec. 194M TDS on certain payments (PAN based Challan cum return Detailed coverage) Sec 194N TDS on Cash withdrawal Sec 194O TDS on E Commerce Sec 194P Pension (along with interest on bank account) Sec 194Q TDS on Purchase of Goods Sec 194R TDS on Perquisites Sec 194S TDS on Virtual Digital Asset
TCS (Complete Concept clarity – TCS on Certain Goods, TCS on Sale of Goods, TCS on Motor Vehicle, TCS on Lease of Parking, Toll plaza, TCS on Foreign Remittance ) TCS Return Form 26Q Filing (using Free RPU utility of NSDL) TCS return Form 27EQ Filing (using Free RPU utility of NSDL)
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