Information

TDS Return is to be filed by the assessee who has deducted the TDS. Filing TDS Return is mandatory if you are a deductor. TDS Returns are required to be filed after specified intervals i.e Quarterly basis with the Income Tax Department and the details are to be furnished in these returns include fields like TAN No. TDS deducted and deposited by you , type of payment, PAN. etc. Also Tax deducted is deposited to the government by submitting an ‘income tax challan’ along with the payment. Generally, tax is deducted on transactions such as Salaries u/s 192 , payment to professionals u/s 194 J and contractual basis u/s 194 C , payment of rents u/s 194 I of Income Tax Act 1961 exceeding certain amount, etc. There are prescribed rates to be charged for each such transaction.

TDS Return Forms :-

Different TDS Forms has been prescibed based on the Nature of Income which are as follows:

Form 24Q TDS on Salary
Form 27Q TDS where deductee is a non-resident, foreign company
Form 26QB TDS on payment for transfer of certain immovable property
Form 26Q TDS in any other case

Due Date of Submittion :-

Quarter Period Last Date of Filing
1st Quarter 1st April to 30th June 31st July
2nd Quarter 1st July to 30th September 31st October
3rd Quarter 1st October to 31st December 31st January
4th Quarter 1st January to 31st March 31st May

TDS Payment Due Date :-

TDS deducted in month Due Date For Non-Government Deductor
April to February On the date of Deduction OR On or before the 7th working day of next month
March April 30th

Documents / Information :-

  • Copy of Tan Card of the Deductor
  • Copy of Tax challans paid
  • Details of Tax Deducted for the inward supplies
  • Invoice copy of Inwards supplies on which TDS is paid
  • Details of Trace login id & Password incase already registered with Traces Site
  • Details Clients PAN for whom TDS is paid

FAQ :-

What do you mean by TDS?

Tax Deducted at Source or TDS is a means of collecting income tax in India. The provisions related to TDS are governed by the Income Tax Act of 1961. The law states that any permissible payment shall be paid after deducting prescribed percentage as tax – usually over a range of 1% to 10%.

What is TDS in salary?

TDS, or Tax Deducted at Source, is a type of tax levied by the Indian government wherein taxes are collected on the basis of 'pay as you get'. The taxes are deducted at the source of payments such as salary paid to an employee or commission earned by a broker.

What is the full form of TDS?

TDS Full Form - Tax deducted at sources. TDS is a means of collecting income tax in India, it is governed under the Indian Income Tax Act 1961 and managed by Central board for Direct Taxes.

Why TDS is deducted from salary?

Deduction and remittance of income tax by the person paying the income is called “Tax Deduction at Source” or TDS. The person deducting the tax is known as “Tax Deductor”, the person from whom the tax is deducted at source is called “Tax Deductee”. TDS is usually required on the following transaction: Salary payments.

Can an individual deduct TDS?

The following are the specified person who are liable to deduct TDS. AnIndividuals or an H.U.F. is not liable to deduct TDS on such payment except where the individual or H.U.F. is carrying on a business/profession where accounts are required to be audited u/s 44AB, in the immediately preceding financial year.

Can we claim refund of TDS?

Refund can be claimed by filing an income tax return form. In your Return, show all your income from various heads and also the TDS deducted on these. If TDS deductions are higher than the final tax calculated on total income – a refund is due to you.

Information

TDS Return is to be filed by the assessee who has deducted the TDS. Filing TDS Return is mandatory if you are a deductor. TDS Returns are required to be filed after specified intervals i.e Quarterly basis with the Income Tax Department and the details are to be furnished in these returns include fields like TAN No. TDS deducted and deposited by you , type of payment, PAN. etc. Also Tax deducted is deposited to the government by submitting an ‘income tax challan’ along with the payment. Generally, tax is deducted on transactions such as Salaries u/s 192 , payment to professionals u/s 194 J and contractual basis u/s 194 C , payment of rents u/s 194 I of Income Tax Act 1961 exceeding certain amount, etc. There are prescribed rates to be charged for each such transaction.

TDS Return Forms :-

Different TDS Forms has been prescibed based on the Nature of Income which are as follows:

Form 24Q TDS on Salary
Form 27Q TDS where deductee is a non-resident, foreign company
Form 26QB TDS on payment for transfer of certain immovable property
Form 26Q TDS in any other case
Quarter Period Last Date of Filing
1st Quarter 1st April to 30th June 31st July
2nd Quarter 1st July to 30th September 31st October
3rd Quarter 1st October to 31st December 31st January
4th Quarter 1st January to 31st March 31st May
  • Copy of Tan Card of the Deductor
  • Copy of Tax challans paid
  • Details of Tax Deducted for the inward supplies
  • Invoice copy of Inwards supplies on which TDS is paid
  • Details of Trace login id & Password incase already registered with Traces Site
  • Details Clients PAN for whom TDS is paid
What do you mean by TDS?

Tax Deducted at Source or TDS is a means of collecting income tax in India. The provisions related to TDS are governed by the Income Tax Act of 1961. The law states that any permissible payment shall be paid after deducting prescribed percentage as tax – usually over a range of 1% to 10%.

What is TDS in salary?

TDS, or Tax Deducted at Source, is a type of tax levied by the Indian government wherein taxes are collected on the basis of 'pay as you get'. The taxes are deducted at the source of payments such as salary paid to an employee or commission earned by a broker.

What is the full form of TDS?

TDS Full Form - Tax deducted at sources. TDS is a means of collecting income tax in India, it is governed under the Indian Income Tax Act 1961 and managed by Central board for Direct Taxes.

Why TDS is deducted from salary?

Deduction and remittance of income tax by the person paying the income is called “Tax Deduction at Source” or TDS. The person deducting the tax is known as “Tax Deductor”, the person from whom the tax is deducted at source is called “Tax Deductee”. TDS is usually required on the following transaction: Salary payments.

Can an individual deduct TDS?

The following are the specified person who are liable to deduct TDS. AnIndividuals or an H.U.F. is not liable to deduct TDS on such payment except where the individual or H.U.F. is carrying on a business/profession where accounts are required to be audited u/s 44AB, in the immediately preceding financial year.

Can we claim refund of TDS?

Refund can be claimed by filing an income tax return form. In your Return, show all your income from various heads and also the TDS deducted on these. If TDS deductions are higher than the final tax calculated on total income – a refund is due to you.