TDS and TCS Compliance covers the obligations of deductors and collectors under the Income-tax Act relating to deduction or collection of tax at source, deposit of the tax, filing of returns and issuance of certificates to deductees or collectees.
Scope of Compliance
Services include:
Identification of transactions liable for TDS or TCS
Correct application of rates and sections
Timely deposit of tax with the Central Government
Preparation and filing of quarterly TDS and TCS returns
Generation and issuance of Form 16, Form 16A and TCS certificates
Reconciliation and Correction
Additional procedures cover:
Reconciliation of returns with challans and books
Correction of defaults and filing of correction statements
Verification of Form 26AS and AIS data
Support for notices and intimations relating to TDS or TCS
Compliance Focus
Accurate and timely compliance minimises interest, penalties and mismatches in the deductee’s tax credit records.