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Online TDS Return

TDS (Tax Deducted at Source) is a source of tax collection for the Government of India. When a company or a person makes a payment, TDS is deducted, if the payment exceeds threshold limits. Then, this deducted amount is deposited to the Income Tax Department. Usually, tax deductions are made within a range of 1 % - 10 %
TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department.

When should TDS be deducted and by whom?

Any person making specified payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such specified payment. But no TDS has to deducted if the person making the payment is an individual or HUF whose books are not required to be audited.

How to file TDS returns?

Filing Tax Deducted at Source returns is mandatory for all the persons who have deducted TDS. TDS return is to be submitted quarterly and various details need to be furnished like TAN, amount of TDS deducted, type of payment, PAN of deductee, etc. Also, different forms are prescribed for filing returns depending upon the purpose of the deduction of TDS. Various types of return forms are as follows: Form 26QTDS on all payments except salaries

FORM 26AS

It is a consolidated tax credit statement issued to a taxpayer and shows the Income tax that has been deposited with the government with respect to the taxpayer and Form 26AS is required to be issued Under Section 203AA of the Income-tax Act, 1961.

Documents Required for a TDS

  • PAN card/Pan Number
  • Tax payment challan
  • TDS certificates (if TDS has been deducted by other)
  • All Bank account information