TAN stands for Tax Deduction and Collection Account Number. It is a unique 10-digit alphanumeric number that is required for all persons who are responsible for deducting or collecting tax at source (TDS/TCS). TAN is issued by the Income Tax Department of India.
Tax deducted at source is the practice of reducing the tax evasion and the spillage by TDS payment mandatory at pre refined rates.
There is a penalty for not depositing or not deducting TDS on time, the employer can make the interest payment on such late payment of the TDS before filing the TDS returns or the demand raised by TRACES.
Tax Collected at Source (TCS) is a mechanism by which tax is collected directly from the seller or service provider at the time of sale or service rather than waiting for the taxpayer to file their tax return. TCS is typically collected on certain types of transactions, such as the sale of immovable property, rent payments, and professional fees.
irst compute the exemptions that are available under Section 10 of the Income Tax (ITA) then subtract the exemptions that are found in step (2) from the gross monthly income calculated in step (1), multiply the obtained number from the above calculation by 12 as the TDS is computed on the yearly income.
It takes 30-45 days to reflect the TDS deposit in Form 26AS, depending on the efficiency of the company’s accounts department.
Most of the payment rates of the TDS are set in the income tax act and the TDS is deducted by the payer based on the specified rates. In case you have submitted the investment proofs to the employee and the total taxable income is below the tax limit then he doesn’t have to pay any tax.
The duration required for a TDS refund depends on various factors, such as the accuracy of the return filed, the timeliness of e-verification, and the complexity of the refund assessment. However, in general, TDS refunds are processed within 3 to 6 months of filing the return.
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