Welcome to Filingpoint Best consultant for Retail Company Registration Expert +91 72999 72500 Filingpoint Retail Company Registration in Tiruppur is one of the best options for aspiring entrepreneurs looking to start a business in India. A retail business offers an array of profitable opportunities, including the potential to sell a wide variety of goods and services to a broad customer base. It's important to understand the legal requirements and business structure needed for a retail venture before getting started. The process of registering a business in Tirupur is typically completed within 14 working days, subject to the quick submission of all necessary paperwork and approval from regulatory officials. Once complete, the Registrar of Companies will issue the Certificate of Incorporation , showing the official creation of your business and giving it a unique company identity number. Incorporating a business in Tirupur can be an overwhelming process ...
Who Is Liable to Deduct and Pay TDS Under Income Tax Act?
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Generally, anyone who makes a payment on your behalf and has your PAN number as the recipient is required to deduct tax at source (TDS) before making the payment. This could be your employer, a customer or even a bank which is paying you interest on your fixed deposit.
The purpose of TDS is to reduce tax evasion and make sure that everyone pays taxes on time. However, TDS is not the full percentage of tax that you are liable to pay. In fact, TDS is only a small fraction of your prospective tax liability and serves as a steady source of revenue for the government.
If you are an employee, then your employer is required to issue a TDS certificate called Form 16 which contains all the details of your salary and the amount of TDS that has been deducted. This is in addition to the salary that you receive directly from your employer.
Contractors who undertake projects like construction for government at various levels, local bodies or co-operative societies are also liable to have TDS deducted from them. The TDS rate is 1% for individuals and HUF and 2% for entities other than Individuals and HUF.
Those who receive income from different sources other than your salaried earnings or savings account interest can claim TDS refund by filing your annual income tax return. Your TDS credit will reflect in the Annual Information Statement (AIS) that you can view in your efiling account.
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