TDS RETURNS

Tax deducted at source (known as TDS) is a form of income tax deduction from the payments done by the Payer at source. The person who responsible to deduct tds is deductor and other is deductee. The deductor must file tds return online in quarterly basis. The concept of TDS was introduced with an aim to collect tax from the very source of income. As per the TDS concept, a person (called as deductor) who is liable to make payment of specified nature to any other person (called as 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. The deductee can utilize this TDS credit against the income tax liability or get refund if the taxable income is nil.

The deductor is responsible to deduct tds from the payments at a prescribed rates notified by the CBDT. The tax so deducted has to be deposited in the government account. Deductor also has to report the tax deducted in a statement within the prescribed time. TDS Return Filing is the responsibility of person who deduct the tax. Get assistance for TDS filing from our advisors

E- Filing Quarterly TDS Return Online
Every deductor who liable to deduct the TDS against their payments must efile a quarterly return as per the specified format by National Securities Depository Limited (NSDL). The process of allocating the deducted tds amount to the concerned PAN is called TDS Return known as Form 27 A. The TDS Return have two phases Form 24 Q (Salaried Persons) and Form 26 Q (Non – Salaried Persons) . Both the forms have filed quarterly basis. Form 24Q deduction will come by any payments done by an employer to his employees as Employees benefits or perquisites. The payments in the nature of non salary like Rental, Interest, Commission, Contract receipts, Professional fees etc. are come under Form 26Q.

The due date for e- filing the TDS Return are
• First Quarter (April – June ) – 31st of July
• Second Quarter (July – September ) – 31st of October
• Third Quarter ( October – December – 31st of January
• Fourth Quarter (January – March ) – 31st of May