Every person who pays the Salaries, , Commission, Interest, Rent, Fees for Professional Services, NRI, Foreign Nationals, Foreign Institutions etc. has to deduct the specified percentage of amount from the amounts to be paid towards TDS as tax component and pay the balance to the tax payer. The amount so deducted has to be deposited with the Bank, file TDS Return with then his correct TAN Number along with the details of correct PAN number of the tax payer to claim refund of the Tax so deducted.
The following are some the requirements:
- His own TAN
- PAN Numbers of all deductees.
- Nature of Payments – Commission, Interest, Rent, Fees for Professional Services
- Nature of Collection for TCS: Forest Produce, Beverages Corporation etc.,
- Collection of Exemption forms, Lower Deduction Certificates from the deductees
- Percentage of Deduction of the Gross amounts to be paid., Total amount to be deducted.
- Total amount deducted from each individual deductee.
- Amount paid electronically in the Bank within seven days after the end of the month.
- Bifurcation of the amount paid into the Bank among various deductees.
- Filing of Quarterly TDS Returns electronically with Correct PAN Numbers of deductees within 15 days from the end of the Quarter through TIN Facilitation Centres only.
- Issuing of TDS Certificates to the deductees if necessary.
