As per the Indian taxation code, TDS is known for tax deduction at source. TDS is considered as a kind of proper tax which is deducted from the income of any individual or association before the cash is credited into their account. The government produces revenue by imposing TDS on the people and their organizations. The rules and regulations of TDS are controlled under the Income Tax Act of 1961 by the Central Board of Direct Taxes (CBDT).
As the name recommends, "Tax Deducted at Source" infers that the payee deducts the tax before making any payment to the receiver. TDS is pertinent to the wage that is earned consistently and furthermore on the wage that is earned occasionally or sporadically. Along these lines, TDS is appropriate for different livelihoods including however not constrained to Salary only, Rent, Commission, Professional Fees, and Interest.
Have a look on the benefits of TDS Return
TDS is payable on the profit so take note of that the obligation to pay TDS is liable in case of, income really occurring. TDS is deducted before making payments. The deductions are made when the payments are on cash, cheque or credit. The deducted TDS is additionally kept with different government offices. TDS Return filing has different points of interest which are as follows:-
· Deducting TDS at source forestalls tax evasion.
· A Tax deduction is done appropriately and in a timely manner.
· Because of TDS, countless people come under the tax net.
· Revenue generation is a steady source of government.
What is TDS Return?
A TDS Return is a rundown of the considerable number of transactions identified with TDS made amid a quarter. TDS Return is a quarterly statement which is submitted to the Income Tax Department by the deductor. The statement consists of all the summary of entries by the deductor for TDS filing to the Income Tax Department. The TDS Returns statement incorporates many details such as the PAN number of the deductor and the deductees. Apart from this, the TDS which is paid to the government and TDS Challan information is also maintained in the statement.
What Are the Due Dates For Filing TDS Return?
Have a look at the following chart to know the due dates of the financial year 2018-2019.
Quarter
Quarter Period
Last Date of Filing TDS Returns
1st Quarter
From 1st April 2018 to 30th June 2018
31st July 2018
2nd Quarter
From 1st July 2018 to 30th September 2018
31st October 2018
3rd Quarter
From 1st October 2018 to 31st December 2018
31st January 2019
4th Quarter
From 1st January 2019 to 31st March 2019
31st May 2019
What are the types of TDS Returns Form?
There are many types of TDS Return Forms that are applicable to different situations based on the income of the deductee and the type of deductee on which TDS is implied.
Type of TDS Return Form
Particulars of TDS Return Form
Form 24Q
Contains a statement of TDS from the salaries
Form 26Q
TDS on all payments apart from salaries.
Form 27Q
TDS on income received from interest, or any amount payable to non-residents.
Form 27EQ
Collection of TDS.
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