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A TDS (Tax Deducted at Source) Return is a mandatory quarterly statement that needs to be submitted to the Income Tax Department by deductors. It contains details of TDS deducted and deposited during the quarter, including particulars such as PAN of the deductor and deductees, the tax paid to the government, TDS challan information, and other relevant details.
TDS Return filing is required for any individual or entity who deducts tax at source. Under the government’s TDS scheme, tax must be deducted at the time of payment and subsequently deposited with the government using an income tax challan. This return filing ensures that the details of TDS transactions, including the amount deducted and the nature of the payment, are properly recorded.
Every deductor is required to file a TDS return after specified intervals. The return must include details such as TAN number, TDS payments, amount deducted, payment type, PAN number, and other specifics based on the type of deduction.
| Form No. | Particulars |
|---|---|
| Form 24Q | Statement for tax deducted at source from salaries |
| Form 26Q | Statement for tax deducted at source on all payments except salaries |
| Form 27Q | Statement for deduction of tax from interest, dividend, or any other sum payable to non-residents |
| Form 27EQ | Statement of collection of tax at source |
Filing a TDS Return helps ensure compliance with the tax laws, avoids penalties, and facilitates the smooth processing of tax payments and refunds.