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Volume : III, Issue : II, March - 2013 PAPERLESS REGIME- “ONLINE FILING OF TAX DEDUCTION AT SOURCE” SUBRAHMANYA BHAT K.M AND I BHANU MURTHY Published By : Laxmi Book Publication Abstract : Tax on income of previous year is usually paid in the assessment year. To avoid
tax evasion, the Income Tax Act has made provisions to collect tax by way of Tax
Deduction at Source (TDS) and Tax Collection at Source (TCS). Tax deducted at source
is one of the modes of collecting Income-tax from the assessee in India. TDS is an indirect
method of collecting tax from the tax payer or deductor by the income tax department .
TDS is pre-paid payment of tax in previous year in which incomes received or accrued.
The tax so deducted from the income of the payee is deemed to be payment of Income-tax
by the recipient at the time of his assessment. Such amount of tax (TDS )will be deducted
from Tax Liability at the time of assessment in the assessment year.E-governance is
becoming increasingly more important in today due to its effectiveness and applicability
in various fields. Since financial year 2003-04, all corporate deductors made file Income
tax returns for deduction of tax at source (TDS) only in electronic form. Further, from the
financial year 2004-05, in addition to corporate deductors, filing of TDS returns in
electronic form is made mandatory for government deductors also. Annual e-TDS/TCS
return is the TDS return under section 206 of the Income Tax Act (prepared in Form Nos.
24, 26 or 27) or TCS return under section 206C of the Income Tax Act (prepared in Form
No. 27E), which is prepared in electronic media as per prescribed data structure. Such
returns furnished in a CD/Pen Drive should be accompanied by a signed verification in
Form No. 27A in case of Annual TDS returns and Form No. 27B in case of Annual TCS
return. From financial year 2005-06 onwards, TDS/TCS returns have to be filed every
quarter. In e-TDS system of filing returns, even a simple error can result in multiple
notices, including penalties, from tax department's computerized system.. Keywords : Article : Cite This Article : SUBRAHMANYA BHAT K.M AND I BHANU MURTHY, (2013). PAPERLESS REGIME- “ONLINE FILING OF TAX DEDUCTION AT SOURCE”. Indian Streams Research Journal, Vol. III, Issue. II, http://oldisrj.lbp.world/UploadedData/2155.pdf References : - Dr. Vinod K. Singhania and Monica Singhania; Students' Guide to Income Tax; Taxmann Publications Pvt. Ltd
- Mahesh Chandra & D.C. Shukla; Income-tax Law and Practice; Pragati Publications; latest edition
- H.C. Mehrotra; Income-tax Law and Accounts; Sahitya Bhawan; latest edition
- Girish Ahuja and Ravi Gupta; Hand Book on Tax Deduction At Source. Bharat Publications
- BusinessLine 23/07/2012
- Dr. Vinod K. Singhania and Monica Singhania; Students' Guide to Income Tax; Taxmann Publications Pvt. Ltd
- Mahesh Chandra & D.C. Shukla; Income-tax Law and Practice; Pragati Publications; latest edition
- H.C. Mehrotra; Income-tax Law and Accounts; Sahitya Bhawan; latest edition
- Girish Ahuja and Ravi Gupta; Hand Book on Tax Deduction At Source. Bharat Publications
- BusinessLine
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