Salary is a fixed regular payment, typically paid on a monthly basis but often expressed as an annual sum, paid by an employer to an employee. However, under the Income tax Act 1961, defines the term salary is defined under section 17(1) which includes salary, wages, annuity or pension, gratuity, fee, commission, perquisite or profit in lieu of salary or in addition to any salary or wages.Register Now
A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability.
Under GST, a GST Dealers has to file GST returns that include:
To file GST returns, GST compliant sales and purchase invoices are required.
In the GST regime, any regular business has to file two monthly returns and one annual return. This amounts to 26 returns in a year.
The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other return GSTR 3B will get auto-populated by deriving information from GSTR-1 filed by you and your vendors.
There are separate returns required to be filed by special cases such as composition dealers.Register Now
Tax Deducted at Source or TDS is a source of collecting tax by Government of India at the time when a transaction takes place. Here, the tax is required to be deducted at the time money is credited to the payee’s account or at the time of payment, whichever is earlier.
In case of payment of salary or life insurance policy, tax is deducted at the time of payment. The deductor then deposits this TDS amount to the Income Tax (I-T) department. Through TDS, some portion of your tax is automatically paid to the I-T department. Thus, TDS is considered as a method of reducing tax evasion.
Tax is deducted usually over a range of 1% to 10%.
|Amount paid/credited||Due date of TDS deposit|
|Government Office||Without Challan||Same Day|
|With Challan||7th of next month|
|On perquisites opt to be deposited by employer||7th of next month|
|Others||In month of March||30th April|
|In other months||7th of next month|
Apart from depositing the tax, the deductor should also file a TDS return.
TDS return is a quarterly statement to be given to the I-T department. It is compulsory for deductors to submit a TDS return on time. The details required to file TDS returns are:
TDS return can be filed by employers or organizations who avail a valid Tax Collection and Deduction Account Number (TAN). Any person making specified payments mentioned under the I-T Act are required to deduct tax at source and needs to deposit within the stipulated time for the following payments :