Concept of TDS and TCS
By CA Ridhima Bhatia
By CA Ridhima Bhatia
What is the Course About?
Tax and Accounts
Professional (TAP) course is a comprehensive course involving knowledge and skills training about various compliances applicable in day-today business practices
The curriculum of ‘Level 1 – Foundation’ aims to prepare you to understand the accounting and finance function of the business.
With the help of tutorials, our trainers will teach you the concepts and train you to obtain the necessary registration for an entity, to do weekly, monthly, quarterly, and yearly compliance.
Milestones of TAP Course
Level 1Foundation
Level 2Advanced
Level 3Master
Get practical training in bookkeeping, Incometax returns, GST returns, TDS returns, Payroll, MS-Office, Labour Laws, and much more.
Upskill the knowledge to prepare financial statements, and learn advanced concepts of Income-tax, GST, TDS, Capital Budgeting and much more.
Know the working of multiple Industries from the experts and enhance your chances to get your dream job.
Course Curriculum Discussion Modules Module 1: Necessary Registrations of an Entity Module 2: Maintenance of Books of Accounts Module 3: Daily Compliances and Routine Tasks Module 4: Monthly Compliances Module 5: Quarterly Compliances Module 6: Income Computation and Return Filing Module 7: Computer Skills Module 8: Personality Development Income Tax GST Company Law Labour Laws MSME FSSAI MS Office Personality Development
ConceptsofTDSand TCS
Tax Deduction and Collection Account
Number
• The Tax Deduction and Collection Account Number (TAN) is a ten-digit alphanumeric number, required to be obtained by all persons who are responsible for deducting or collecting tax.
• It is mandatory to quote TAN allotted by Income Tax Department on all TDS Returns, TCS Statements, TDS Certificates, Payment Challans, or in all documents pertaining to such transactions as may be prescribed.
Application for TAN
• An application for allotment for Tax Deduction and Collection Account Number (TAN) shall be made in Form No. 49B
• The application for allotment of a TAN can be filed electronically or manually with the Income-tax department
• To incorporate a company, the promoters are required to apply in Form No. INC-32 (SPICe) under the Companies Act, 2013.
• The application for allotment of TAN has to be made within 1 month from the end of the month in which tax was deducted or collected at source
Mandatory
• Section 203A makes it mandatory to quote TAN in following documents (a) TDS statements i.e. return (b) TCS statements i.e. return (c) Statement of financial transactions or reportable accounts (d) Challans for payment of TDS/TCS (e) TDS/TCS certificates (f) Other documents as may be prescribed Penalty imposable under section 272BB is Rs. 10,000 Section 272BB(1) provides for penalty for failure to obtain TAN section 272BB(1A) provides for penalty for quoting incorrect TAN.
to Quote TAN
Exceptions to Quote TAN
Exception 1: In case of TDS under Section 194-IA
Exception 2: In case of TDS under Section 194-IB
Exception 3: In case of TDS under Section 194M
Exception 4: In case of TDS under Section 194S
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