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 | 15th July |
| For the quarter ending 30th September | 15th October |
| For the quarter ending 31st December | 15th January |
| For the quarter ending 31st March | 15th May |