TDS is Tax Deducted at Source, the Income Tax Department introduced this concept with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.

TDS Return is also known as TDS Statement. It is a summary of all the transactions related to TDS made during a quarter of a financial year. It needs to be submitted to the income tax department quarterly before the due date. TDS return contains details of TDS deducted and deposited by a deductor. TDS return has basic details of deductors and deductees like PAN, TAN, etc, TDS Challan information, deduction details, and other information as required by the government.

TDS Return filing is mandatory if TDS has been deducted by the deductor in a particular quarter. However, it is not mandatory to file TDS Return if no TDS has been deducted by the deductor. In this case, the deductor should file a declaration of non-filing of the TDS statement with TRACES to avoid future notice from the IT Department.

As per the Income Tax Act, every Payer/deductor who deducts TDS shall file their TDS return. The following deductors are required to file TDS return quarterly if they have deducted any TDS from the payment made.

• Individuals if covered under Section 44AB (Mandatory Audit)
• Firm
• LLP
• Company
• Government offices
• Any other deductor, where the number of deductees records in a return for any quarter of the financial year are 20 or more.

It is mandatory to file quarterly TDS return within prescribed due dates. If a return is not filed within due dates, then the deductor will be liable to pay penalty for the late filing of return.

The following are the TDS returns and their due dates:

If you do not file TDS return on or before due date, Rs.200/- per day penalty should be paid.

Download TDS Rates

Form 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. These certificates provide details of TDS / TCS for various transactions between deductor and deductee. It is mandatory to issue these certificates to Tax Payers.

Filing of Income Tax TDS Return is one of the important aspect of your business. CompaniesHouse has been having combined experience in this domain for over 20 years now and has served several clients in PAN India. Our team comprises of certified, professional tax consultants who provide the best services in the industry. Our tax consultants and professionals are updated with the changing market scenarios and are skilled to work on emerging tools and technologies. By outsourcing your requirements to us, you can save about 50% of your costs and concentrate more on your core competencies.

We are incredibly passionate about the quality of our service, and we are incredibly proud of our customer feedback, as shown by our excellent reviews and ratings. Time and time again, we are selected for the value and expertise that our team is known for. We have helped shape the industry by providing innovative business services and bundled packages that have evolved alongside the needs of our customers.

Our clients have access to free support from an expert team. We are always on standby to help. If you need assistance at any point before, during, and after the registration of your company, you will be able to reach us by telephone or email.

If you have any kind of Income Tax TDS Return filing requirements, feel free to write to us or talk to one of our representatives and we will get back to you within 24 hours.