TDS Return

What is TDS Return?

A TDS (Tax Deducted at Source) return is a tax payment form by the payer. It is paid to the government wherein equitable substitute tax is calculated and deducted at the source. That is returned to the payer. A Tax Deduction contains the individual payment details, deduction details, etc. A TDS return is filed where it is mandatory for an individual for the payer to deduct income tax from the payments.

Along with deducting and depositing the tax in the government account, the deductor is also required to file a return which has to be done as a quarterly statement to the Income Tax department. TDS is not only to be deducted it is to be filed.

TDS Return Contains:

• Deductor Details
• Type Of TDS ( Salary, Non-Salary, Etc)
• Year & Quarter
• Challan Details
• Salary Details For All Employees In The Fy
• Tax Deduction & Deductee Details

TDS Return Is Applicable On The Following Class Of Assesses:

• All govt. deductors & collectors
• All corporate deductors & collectors
• Place where no of collected records in a statement for one quarter of the Financial year is equal to or greater than 20.
• Where collector or deductor is required to get accounts audited u/s 44AB of Income Tax Act, 1961 in the immediate FY.

All assesses other than those mentioned above can file TDS returns either in electronic or physical format.

Also, See: Professional Tax (PT)