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What is TDS?

As per the government's TDS Scheme, tax has to be deducted at the time of making payment. Person who makes the payment – deducts & deposits TDS with the government. TDS deducted is usually deposited to the government by submitting an 'income tax challan' along with the payment. Besides depositing tax, as a Deductor, you must also file a TDS Return. A TDS Return is a quarterly statement which has to be submitted to the income tax department. Submitting TDS Return is mandatory if you are a deductor. It has details of TDS deducted and deposited by you. TDS Returns include details of PAN of the deductor and deductees, particulars of tax paid to the government, TDS challan information and other details as required in the forms.

TDS Return Forms?

There are different forms applicable based on the Nature of Income (or type of deductee) on which TDS has been deducted. Here are some examples –

TDS on Salary Form 24Q

TDS where deductee is a non-resident, foreign company Form 27Q

TDS on payment for transfer of certain immovable property Form 26QB

TDS in any other case Form 26Q

Due Dates of Submission of TDS Returns

For the quarter ending 30th June 31st July
For the quarter ending 30th September 31st October
For the quarter ending 31st December 31st January
For the quarter ending 31st March 31st May

If you have any questions about TDS Returns or need any help, you can call us on +91 00000 00000 or write to us info@easytaxes.in


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