An employer or someone running a business may have to deduct TDS and deposit it with the government.
As a deductor, here are the broad 3 steps that you need to take –
- DEDUCT – deduct TDS from payments he makes
- DEPOSIT –deposit it to the Govt. by submitting a challan which has details of the TDS
- REPORT – Report the TDS deducted & deposited to the government in a statement.
TRACES is a name you’ll often here. Here is how TRACES helps you comply with the government’s TDS scheme listed above –
- TRACES is an integrated platform that provides services to deductors (just like the incometaxindiaefiling.gov.in does for tax payers)
- You can view online status of your challan deposited in banks using challan identification number or TAN
- You can download Form 16 & Form 16A
- You can download TDS Returns
- You can view past returns linked to your TAN
You can also submit your TDS Returns through www.cleartds.com
ClearTDS is much simpler and easier to use to prepare your TDS Returns and Form 16.
Have any questions write to us firstname.lastname@example.org