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What is TDS?

TDS stands for Tax deducted at source, which is a system introduced by Income Tax department. It is one kind of advanced tax that needs to be deposited with the government periodically. It is a quarterly statement which has to be submitted to the Income Tax Department. If you are a deductor, then it is compulsory for you to submit TDS return.

As per the Income Tax Act, any person or a company making any kind of payment is required to deduct tax, if the payment exceeds a certain limit. It is an amount deducted from payment of various kinds, such as Salary, Contract Payment, etc.

Following are liable to deduct a certain percentage of Tax known as TDS before making payment TDS: -
  • Salaries
  • Interest payments by means of banks
  • Commission payments
  • Rent bills
  • Session fees
  • Professional expenses

TDS forms are different, such as

  • 1 Form 24Q -TDS on Salaries
  • 2 Form 26Q- TDS on payments other than Salaries
  • 3 Form 27Q- TDS on payments to Non-Residents
  • 4 Form 27EQ – TCS

Documents required for E-TDS return filing

Gather the below listed documents to file TDS return online

  • PAN card
  • Tax payment Challans
  • TDS certificate
  • Bank account information
  • Salary certificate
  • TAN

Payment to professionals like lawyers and doctors are not required to deduct TDS.

What is required to file the TDS return?

You would require a 10 digit alphanumeric number which is famously known as TAN to deduct TDS and file TDS return. You need to make an application within a month in which TDS was deducted for allotment tax deduction. The allotted TAN number is mandatory to mention in all the TDS certificates. The process for TAN Application is very simple and can be done by filling form 49B online. If a person fails to apply for TAN, then he/she will be penalized up to Rs. 10,000/-.

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