HUF: Working Secret for Families to Save Tax
Discover how forming a Hindu Undivided Family (HUF) can help Indian families legally save taxes. Learn what an HUF is, …
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TCS & TDS Compliances
TDS (Tax Deducted at Source) – Key Highlights
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A mechanism under the Income Tax Act where tax is deducted at the time of payment or credit, whichever is earlier.
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Applicable on payments such as salary, interest, rent, commission, professional fees, and contract payments.
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Deductors (employers, businesses, or individuals liable for audit) must deduct TDS and deposit it with the government within the due date.
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TDS rates vary based on nature of payment and recipient’s PAN availability.
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Deductors are required to file quarterly TDS returns in prescribed forms (24Q, 26Q, 27Q, etc.).
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Failure to deduct or deposit TDS attracts interest, penalty, and disallowance of expenses under Income Tax Act.
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TDS Certificates (Form 16 for salary, Form 16A for non-salary payments) must be issued to deductees.
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Helps the government track income and ensure tax collection at source.
TCS (Tax Collected at Source) – Key Highlights
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Applicable when a seller collects tax from the buyer at the point of sale of specific goods or services.
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Commonly applicable on sale of items like scrap, minerals, motor vehicles (above ?10 lakhs), and alcohol for human consumption.
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TCS is also applicable in case of foreign remittances and e-commerce operators under specified conditions.
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Seller must deposit the TCS amount with the government and file quarterly TCS returns (Form 27EQ).
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TCS rates vary depending on the type of goods or transaction involved.
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Buyers can claim TCS credit while filing their Income Tax Returns.
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Non-collection or late deposit of TCS attracts interest and penalties under the Income Tax Act.
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Helps improve tax transparency and discourages unreported transactions in high-value goods.
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Benefits That Make TCS & TDS Compliances Effortless
Accurate TDS/TCS calculation and deduction
Timely return filing and compliance
Avoidance of penalties and interest
Auto-generation of Form 16, 16A, 27D
Reconciliation with Form 26AS & books
Improved financial transparency & credit
Why Choose LEKHA JOKHA HUB
End-to-End TDS/TCS Lifecycle Handling
Expertise in Multi-Section Deduction Rules
Real-Time Due Date Reminders
Support for e-TDS Return Filing & NSDL Utility
Zero Error Return Filings
PAN-India and NRI Deductor Services
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Expertise & Integrity
With skilled professionals backing us, we ensure you get accurate, honest, intuitive tax and financial results you can trust us.
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Our in-house, tailored method ensures seamless support at each phase of your financial lifecycle with tax planning, compliance, and advisory.
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Contact usTDS stands for Tax Deducted at Source. It requires a payer to deduct a prescribed percentage of tax before making certain payments like salary, rent, interest, contractor fees, etc.
TCS means Tax Collected at Source. It is applicable to sellers who collect tax from buyers on specific goods/services listed under Section 206C.
Employers, companies, individuals or HUFs (if subject to audit), e-commerce platforms, and certain sellers of specified goods are liable.
TDS/TCS returns must be filed quarterly, and tax must be deposited by the 7th of the following month.
Non-compliance leads to interest @1%-1.5% per month, late fees under Section 234E, disallowance of expenses, and penalties up to ?1 lakh.
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