TDS Return Overview

Filing of TDS return is not an easy task. Many tax payers are finding difficulty in submitting or filing their TDS returns. TDS is a quarterly statement given to the income tax department. TDS means tax deducted at source. According to income tax act, 1961 – TDS is an indirect system of tax deduction by government of India at the time when transaction takes place. Tax is deducted by the deductor and transferred to the government by him on behalf of deductee.

TDS return is a statement which must be submitted quarterly to the income tax department. TDS return is submitted by the deductor and it contains details of TDS deducted & deposited by you.

There are two cases where tax is deducted at the time of payment –

  1. Payment of salary
  2. Payment of life insurance policy

Tax deduction ranges from 1% to 10%. Deductor deducts the tax amount from your salary and deposits the same to the income tax department. As some of your tax portion has automatically been paid to the tax department, it is considered as a method of reducing tax evasion. It is mandatory for the deductor to submit TDS return before deadline.

The details required to file TDS return are given below –

  • PAN of deductor and the deductee.
  • Tax amount paid to the government
  • TDS challan information
  • Others, if any

What Is Included In Our Package?

Eligibility Consultation

Document Preparation

Application Drafting

Government Fees

Due Dates For TDS Payments

Due date is one of the most important element of TDS return as TDS should be filed before due date unless it will incur fines, penalties etc.

The due dates for TDS payments are given below in the tabular format –

Particulars Amount paid Due date of TDS deposit
Government office Others
Without challan With challan On perquisites opt to be deposited by employer Same day 7Th of next month 7th of next month
In month of march In other months 30th April 7th of next month

Eligibility Criteria for TDS Return

TDS return can be filed only by employers who are having a valid tax collection & deduction account number (TAN).

TDS needs to be deposited in time for the following payments –

  1. Salary payment
  2. Income from securities
  3. Income from winning horse races
  4. Income from winning, lottery, puzzles & others.
  5. Income from insurance commission.
  6. Payment in relation to national saving scheme & many others.

TDS Return Forms

There are various forms which are used to file TDS returns depending upon the purpose of deduction.

Some of the TDS forms are given below –

Particulars Form no.
TDS on salary Form 24Q
TDS where payee is a non-resident, foreign company Form 27Q
TDS on payment for transfer of immovable property Form 26QB
TDS in any other case Form 26Q

Form no. 27 is used to control the quarterly statements. Every deductor needs to file their quarterly statements with signed verification in form no. 27A. It summarizes the TDS return by bifurcating the total amount paid and “income tax deducted at source” matched with total in TDS return.