TDS RETURN FILING

Tax Deduction at Source (TDS)

  • Tax Deduction at Source (TDS) is particularly something we all have heard about, but a few of us have little knowledge about it. It is a part of income tax that is specifically applicable on the certain person on certain payments made such as payment of as rent, commission, professional fees, salary, interest, etc. by the persons making such payments. The TDS is applicable at a certain rate and is deducted by the person responsible to deduct TDS in advance before making payment to the recipient. Such recipient will add the gross amount to his income and the sum deducted as TDS will be finally adjusted in his final tax liability. As per section 203A of the Income-Tax Act 1961, it is compulsory for each eligible person to TDS purposes, in pursuance of which, the Assessee will be provided a unique Tax Deduction Account Number(TAN), and such number shall be required to be quoted during all TDS payments and in all TDS returns thereafter.

Why do I need to get Import Export Code?

  • The following are the situations in which importers and exporters will require the Import Export Code:
  1. When importers have to clear their shipments from customs, the customs authorities will ask the importers for an Import Export Code.
  2. When importers send funds overseas via banks, the bank will ask the importer for an Import Export Code.
  3. When exporters have to send their shipments, the customs port will ask the exporter for an Import Export Code
  4. When exporters are paid in foreign currency and the money is transferred directly into the exporter’s bank account, the bank will ask the exporter for an Import Export Code.

Documents Required for Import Export Code

  • Current account details
  • PAN card
  • Bankers Certificate
  • Two copies of passport size photographs
  • A self-addressed envelope for delivery of IEC certificate by registered post

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SK Gupta & Associates

SK Gupta & Associates is a Chartered Accountancy firm catering to Domestic as well as international clients. We are a CA firm in Lucknow, Uttar Pradesh, We have been providing advisory, regulatory and compliance related services.

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