What is TDS (Tax Deducted at Sourcea) Return?

Apart from depositing the tax, the deductor should also file a TDS return.

TDS return is a quarterly statement to be given to the I-T department. It is compulsory for deductors to submit a TDS return on time. 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
  • -Others, if any

Eligibility Criteria for TDS Return

TDS return can be filed by employers or organizations who have 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.

  • Types of TDS return
  • Form 24Q (TDS on Salary)
  • Form 27Q (TDS where deductee is a non-resident, foreign company)
  • Form 26QB (TDS on payment for transfer of certain immovable property)
  • Form 26Q (TDS in other case)

    • Quarterly Due dates

    Quarter 1 April - June July 31

    Quarter 2 July - September October 31

    Quarter 3 October - December January 31

    Quarter 4 January - March May 31

    Interest Rate

    An applicant is categorized as a defaulter for not depositing the deducted tax by the due date (7th of each month) and is charged a monthly interest of 1.5% on the delayed amount. Section 271 (C) and Section 276 (B) mandate an applicant to pay the interest amount.

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