TDS Return

Tax Deducted at Source or TDS is a source of collecting tax by Government of India at the time when a transaction takes place. Here, the tax is required to be deducted at the time money is credited to the payee’s account or at the time of payment, whichever is earlier.

Eligibility Criteria for TDS Return:

TDS return can be filed by employers or organizations who avail a valid Tax Collection and Deduction Account Number (TAN). Any person making specified payments mentioned under the I-T Act are required to deduct tax at source and needs to deposit within the stipulated time for the following payments:

• Payment of Salary
• Income by way of “Income on Securities”
• Income by way of winning lottery, puzzles and others
• Income from winning horse races
• Insurance Commission
• Payment in respect of National Saving Scheme and many others

TDS Forms:

Different Forms have been prescribed depending on the purpose of deduction of TDS. The various TDS Forms are as follows: -

• 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

Documents required:

The details required to file TDS returns are:

• PAN of the deductor and the deductee
• Amount of tax paid to the government
• TDS challan information