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Frequently Asked Questions
Tax Deducted at source or TDS is a method of Tax collection of the gorvernment, also called pay as your earn or Withholding Tax. Person who make payment of income are responsible to deduct tax at source and deposit this tax to the government within the time stipulated. The recipient of the income gets the net amount after deduction of TDS. In simple terms ,gross income refers to your CTC and includes your basic pay, HRA, transport and other allowances. Net income refers to your in-hand salary.
Quarter period TDS return due date Q 1> 1st April to 31st July. Q 2> 1ST July to 31st October. Q 3> 1st October to 31st January. Q 4> 1st January to 31st May.
It is mandatory to file return for a company and a firm. However, individual,HUF,AOP,BOI are mandatorily required to file return of income if the income exceed basis exemption limit of Rs 2.5 lakhs. This limit is different for senior citizens.
Yes, you can file return of income voluntarily even if your income is less than basic exemptions limit.
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