Tax Deducted at Source (TDS) is a system under the Income Tax Act, 1961, where tax is deducted at the time of making specified payments such as salary, interest, rent, or professional fees. After deducting TDS, it is mandatory for the deductor to TDS Returns Filing, providing details of tax deducted and deposited with the government.
Filing of TDS returns ensures proper credit of tax to the deductee and helps the Income Tax Department track tax collections.
A TDS return is a quarterly statement submitted to the Income Tax Department that contains:
It is filed electronically in prescribed forms.
The following persons are required to file TDS returns:
Any person who has deducted TDS must file a TDS return, even if the TDS amount is small.
| Form | Nature of Payment |
|---|---|
| Form 24Q | TDS on Salary |
| Form 26Q | TDS on payments other than salary |
| Form 27Q | TDS on payments to non-residents |
| Form 27EQ | TCS (Tax Collected at Source) |
| Quarter | Period | Due Date |
|---|---|---|
| Q1 | April – June | 31st July |
| Q2 | July – September | 31st October |
| Q3 | October – December | 31st January |
| Q4 | January – March | 31st May |
Taxcellent assist you in filing TDS returns such as Form TDS on Salary, TDS other than Salary, TDS on Foreign Payments, TDS on purchase of property etc.
We have launched a range of Chartered Accountants Services for families along with a complete income tax filing product suite covering ITR-1 to ITR-7. With the launch of our families division, we aim to help millions of Indians with financial literacy, compliance and investment.
Enquiry Now