“TDS Return”

What is TDS Return?

TDS (Tax Deducted at Source) Return is a statement filed by a deductor, the person or entity responsible for deducting tax, to the Income Tax Department. It contains details of tax deducted and deposited for every quarter. It’s mandatory to file TDS returns accurately and on time. Along with deducting the tax and depositing the tax in the government account, the deductor is also required to file the return which has to be done in the form of a quarterly statement to the Income Tax department that is called TDS return. Ultimately TDS is not only to be deducted but to be filed.

Contents of a TDS Return:

• Deductor and deductee details
• Nature and amount of payment made
• TDS deduction details
• Challan information for tax deposited

Process for Filing TDS Returns:

• Collect required information.
• Prepare the TDS return using the appropriate form.
• Verify the details and ensure accuracy.
• Submit the return using the appropriate mode (online or offline).

FAQs

Why do we need to file a TDS Return?

Filing TDS returns ensures transparency and compliance with tax regulations. It helps in tracking tax deducted, deposited, and credited to the taxpayer’s account.

Who is Eligible for TDS Return?

Any person or entity who is liable to deduct tax at source as per the Income Tax Act is eligible for filing TDS returns. This includes employers, businesses, and individuals making specified payments.

Also See: TDS Certificate