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TDS DEDUCTION/ FILING

GST & IT BUDDIES Accountant will help you to register & filing of TDS for all the employees. The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.

TDS DEDUCTION/ FILING
 

DOCUMENTS REQUIRED FOR TDS RETURN FILING:-

1. Form-16

2. SALARY SLIP

3. Interest certificates from banks and post office

4. Form 26AS

5. Tax-saving investment proofs

6. Deductions under section 80D to 80U

7. Home loan statement from bank/NBFC

8. CAPITAL GAINS

9. AADHAR

OTHER DOCUMENTS AS PER THE REQUIRMENTS OF THE ACT

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What is TDS 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 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 Return Forms

Particulars
TDS on Salary
TDS where deductee is a non-resident, foreign company
TDS on payment for transfer of immovable property
TDS in any other case

Various forms are used for filing TDS return, depending on the purpose of deduction. These returns have to be in company with a signed verification in Form No. 27A. It is a form that controls the quarterly statements. This has to be filed by deductors together with quarterly statements. It summarizes the control totals of “amount paid” and “income tax deducted at source” which has to

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