What is TDS Processing?
The amount of tax deducted from a wage before it is paid is known as TDS, or Tax Deduction at Source. TDS must be measured on a monthly basis, after which the salary must be processed. As the most trusted TDS Processing Companies we payroll Bangladesh understand how critical it is when calculating salary. So, we will measure that the accurate tax deduction is happening from your monthly salary or not and what will be the deduction source.
Why you need BPO TDS processing?
TDS processing is a job that must be completed by any company. To prevent any penalties, the procedure of calculating TDS, deducting from wages, and depositing the tax to the government must be done every month and in an error-free manner you can choose a BPO(BUSINESS PROCESSING OUTSORCING) company, and we, payroll Bangladesh will provide you BPO services.
What are the contractual TDS Processing?
We have a complete solution to the TDS formalities, as one of the best TDS Processing Companies in Bangladesh, we will supervise you with the tax deduction and the sources from where your tax can cut in a proper agreement way.
- TDS is calculated on a monthly basis based on the information provided.
- Payment of the tax collected to the appropriate agency.
- Give the payee a Tax Deduction Certificate.
- TDS returns are e-filled.
- In all tax audits, e-payment is needed.
- Providing expert advice on everything from tax planning to estate planning.
We, payroll Bangladesh as one of the TDS processing companies, offer the best service to the industry. Our services are also available online, and we provide service throughout Bangladesh, not just in Dhaka also in the other area too.
Which TDS Processing service Payroll Bangladesh have?
- -Providing tax calculation sheets to employees via email.
- -Work with HR/Accounts to ensure that tax-saving assets and supporting documentation have been properly declared/given by employees, as well as verifying the authenticity of tax-saving documents provided by employees.
- – Preparation and filing of Quarterly/Annual Salary Returns as required by the Income Tax Act of 1961.
- – Supply the TDS report.
Any individual making prescribed payments as defined by the Income Tax Act is allowed to deduct TDS at the time of such payment. If the person making the payment is an individual or a HUF whose books are not expected to be audited, no TDS must be deducted.
Individuals and HUFs who pay rent in excess of Rs 50,000 per month are allowed to deduct TDS at the rate of 5%, even though the individual or HUF is not subject to a tax audit. Individuals and HUFs who are required to subtract TDS at a rate of 5% do not need to apply for TAN.
TDS is deducted from the employer at the relevant income tax slab rates. TDS is deducted at a rate of 10% by banks. Alternatively, if they do not have your PAN details, they will deduct 20%. TDS rates are fixed in the income tax and vat management act for certain payments, and TDS is deducted by the payer based on these rates.
You may not have to pay any tax if you apply investment proofs (for claiming deductions) to your employer and your gross taxable income is below the taxable cap. As a result, no TDS should be deducted from your earnings. Similarly, if your net income is below the taxable cap, you should apply Form 15G and Form 15H to the bank so that TDS is not deducted from your interest income.
If you haven’t been able to provide proof to your employer, or if your employer or bank has already deducted TDS and your gross income is less than the taxable cap, you can file a return and request a refund of the TDS.
The complete list of Defined Payments that are subject to TDS deduction, as well as the TDS rate.
When the person deducting TDS makes payment, TDS certificates must be issued to the assessee from whose income TDS was deducted. Banks, for example, issue Form 16A to depositors when TDS is deducted on interest from fixed deposits. Form 16 is provided to the employee by the employer. We even provide you tax services include in your ITES management.
The income tax department has been sending taxpayers SMS from that includes the amount of tax deducted at source (TDS) against the taxpayer’s PAN (Permanent Account Number). Each quarter, you will receive an SMS warning by us to informing you of the TDS credited in respect of your income from salary, interest, and other sources.