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e-TDS
Entities (both corporate and non-corporate deductors) making payments
(specified under Income Tax Act) to third parties (deductees) are
required to deduct tax at source (Tax Deducted at Source -TDS) from
these payments and deposit the same at any of the designated branches
of banks authorised to collect taxes on behalf of Government of
India. They should also furnish TDS returns containing details of
deductee(s) and challan details relating to deposit of tax to ITD.
As a part of automation of collection, compilation
and processing of TDS returns ITD has notified an "Electronic
Filing of Returns of Tax Deducted at Source Scheme, 2003".
It is applicable to all deductors furnishing their TDS return in
electronic form. As per this scheme:
It is mandatory (w.e.f. June 1, 2003) for corporate
deductors to furnish their TDS returns in electronic form (e-TDS
return).
From F.Y. 2004-2005 onwards furnishing TDS returns in electronic
form is also mandatory for government deductors in addition to corporate
deductors.
Deductors (other than government and corporates) may file TDS return
in electronic or physical form.
National Securities Depository Ltd. (NSDL) as the e- TDS Intermediary
(appointed by ITD) receives, on behalf of ITD, the e-TDS returns
from the deductors.
Deductors can submit e-TDS returns through TIN-Facilitation Centres
(TIN-FC) established by NSDL or directly upload through NSDL web-site.
e-TCS
TCS means collection of tax at source by the seller (collector)
from the buyer (collectee/payee) of the goods (specified u/s 206C
of Income-tax Act, 1961, like timber obtained under forest lease,
scrap, any other forest produce not being timber or tendu leaves
etc.,). For e.g. if purchase value of goods is Rs.10,000/-, the
buyer will pay an amount of Rs.10,000/- + X (X being the value of
TCS as prescribed under Income-tax Act, 1961) to the seller. The
seller will deposit the tax collected at source (TCS) at any of
the designated branches of the authorised banks.
Following the automation of TDS returns in 2003,
ITD has now notified an "Electronic Filing of Returns of Tax
Collected at Source Scheme, 2005". It is applicable to all
deductors furnishing their TCS return in electronic form. As per
this scheme:
It is mandatory for corporate and government
deductors to furnish their TCS returns in electronic form (e-TCS
return) from F.Y. 2004-2005 onwards.
Deductors (other than government and corporates) may file TCS return
in electronic or physical form.
NSDL as the e-TCS Intermediary (appointed by ITD) receives, on behalf
of ITD, the e-TCS returns from the deductors.
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