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Any person liable to deduct tax at source must file a TDS return as part of their statutory compliance. This return is submitted quarterly by the tax deductor to the Income Tax Department and contains details of the tax deducted, the source of the deduction, and the amount deposited with the government for the relevant period.
TDS is typically deducted on payments such as salaries, professional and contractual fees, rent exceeding specified limits, and other similar transactions. Each type of payment has a prescribed rate of deduction. The person from whom tax is deducted (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.
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