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