To,
[Recipient’s Name]
[Company Name]
[Address]
[City, State, PIN]
Subject: Declaration Regarding Compliance with TDS Provisions Under Section 194Q of the Income Tax Act, 1961
Dear Sir/Madam,
We, M/s. [Company Name], having PAN: [Company PAN], hereby submit this declaration regarding the deduction and compliance of Tax Deducted at Source (TDS) under Section 194Q of the Income Tax Act, 1961.
I, [Name of Authorized Person], [Designation], duly authorized on behalf of M/s. [Company Name], do hereby undertake and declare as follows:
- Deduction of TDS:
- We confirm that TDS under Section 194Q of the Income Tax Act, 1961, shall be deducted at the applicable rate of 0.10% on the purchases made by us from your company M/s. [Your Company Name], PAN: [Your Company PAN].
- Deposit of TDS:
- We undertake full responsibility for depositing the deducted TDS amount to the credit of the Central Government in compliance with the provisions of the Income Tax Act, 1961.
- Issuance of TDS Certificate:
- We assure that the TDS certificates for the tax deducted shall be provided to your company within the prescribed time and manner as per the applicable Income Tax laws.
Furthermore, we acknowledge and undertake that in the event of any non-compliance, delay, or failure on our part in fulfilling our obligations under the relevant tax laws and regulations, we shall indemnify and hold your company harmless from any liabilities, including but not limited to TDS/TCS obligations, interest, penalties, or any other related financial consequences arising thereof.
We trust this declaration meets your requirements. Should you need any further information, please feel free to contact us.
For M/s. [Your Company Name]
Authorized Signatory
(Signature)
Name: [Authorized Person’s Name]
Designation: [Authorized Person’s Designation]