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Anyone responsible for deducting tax at source (TDS) is required to file a TDS return as part of statutory compliance. This return, submitted quarterly to the Income Tax Department, details the amount of tax deducted, the source of deduction, and the tax deposited with the government for the relevant period.
TDS is deducted on payments such as salaries, professional or contractual fees, rent exceeding specified limits, and other specified transactions, each with a prescribed rate. The deductee can claim credit for the TDS while filing their Income Tax Return (ITR), but only if the deductor has filed the TDS return accurately and on time.
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Depends on nature of income or type of deductee
TDS on Salary
TDS where deductee is a non-resident, foreign company
TDS on payment for transfer of certain immovable property
TDS in other case
July 31
October 31
January 31
May 31
As the name says, TDS is collected on source of income and therefore the frequency of collection is as frequent as the transactions are. This makes track of deduction difficult. Therefore, a certificate on the letterhead of the deductor is issued to deductee for the TDS payment. Individuals are advised to request for TDS certificate wherever applicable, if not already provided.
Tax Deducted at Source (TDS) must be deposited through banks using Challan 281 quoting the TAN number of the entity. The deadline for payment of TDS is the 7th day of each month.
Call us at: 9414883452 or Email us : contact@submitreturn.com
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