A TDS Return is a statement that needs to be filed by a tax deductor (such as an employer or a business) to report the Tax Deducted at Source (TDS) on various payments made, such as salary, interest, rent, or contract payments. The return provides detailed information about the TDS deducted and paid to the government during a specific period.

Key Points about TDS Return

Purpose

Reports TDS Deductions: A TDS return is filed to report the amount of TDS deducted by an entity on behalf of the government, and it serves as a record of tax compliance.

Serves as an Audit Trail: The return is essential for maintaining transparency between the tax deductor and the government and ensures that the deducted tax reaches the Income Tax Department.

Types of TDS Return

TDS returns are classified based on the type of payment or transaction involved. The main forms for TDS returns are:

Form 24Q: TDS on Salaries

Form 26Q: TDS on Payments other than Salaries (e.g., rent, commission)

Form 27Q: TDS on Foreign Remittances

Form 27EQ: TCS (Tax Collected at Source) return for collection of taxes at source (e.g., on the sale of goods).

Due Dates for TDS Filling

Quarterly Filing: TDS returns are generally filed on a quarterly basis. The due dates for filing are:

Q1 (April–June): >31st July

Q2 (July–September): 31st October

Q3 (October–December): 31st January

Q4 (January–March): 31st May (the following financial year)