In India, our tax structure is divided into two parts Direct Tax and Indirect Tax. It is very crucial to understand the overview of Direct and Indirect Tax. While direct taxes are levied on incomes earned by individuals and corporate entities, the burden to pay taxes is on the taxpayers themselves. On the other hand, indirect taxes are imposed on the sale of goods and provision of services where the burden to collect and deposit taxes is on the sellers instead of the taxpayer directly. However, indirect taxes are borne by the ultimate consumers of goods or services.
Direct taxes refer to taxes levied directly on individuals or businesses, such as income tax. Your firm can provide services related to direct taxes, including tax planning, preparation, and filing of income tax returns, tax compliance, representation before tax authorities, and assistance in tax audits or assessments. Tax Planning and Advisory
TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments. Usually, the person receiving income is liable to pay income tax. But the government with the help of Tax Deducted at Source provisions makes sure that income tax is deducted in advance from the payments being made by you. The recipient of income receives the net amount (after reducing TDS). The recipient will add the gross amount to his income and the amount of TDS is adjusted against his final tax liability. The recipient takes credit for the amount already deducted and paid on his behalf.
| Type of TDS&TCS Return Form | Meaning |
| Form 24Q | Statement of deduction of tax at source from salary under section 192. |
| Form 26Q | Statement of deduction of tax at source on all payments other than salaries. |
| Form 27Q | Statement of deduction of tax on payment of interest, dividends, or any other sum payable to non-residents. |
| Form 26QB | Challan-cum-statement in case tax has been deducted under section 194-IA. In this case, no statement shall be filed separately. |
| Form 26QC | Challan-cum-statement in case tax has been deducted under section 194-IB. In this case, no statement shall be filed separately. |
| Form 26QD | Challan-cum-statement in case tax has been deducted under section 194-M. In this case, no statement shall be filed separately. |
| Form 27EQ | Statement of collection of tax at source to be filed quarterly with the Government. |
| Form 27D | Statement of collection of tax at source issued to the buyer by the tax collector to the effect that tax has been collected. |
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