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TDS returns

Any person or business who deducts TDS as per the requirement of Income tax law needs to file TDS return. It is to be filed with income tax department every quarter. The purpose of it is to inform on the TDS deducted on the payments and also the TDS deposited in particular quarter. TDS return is filed online.

Types of TDS Return forms

1

TDS Return Form 24Q

Form 24Q is filed in case TDS is being deducted from salary. An employer files it. TDS return form 24q contains the detail information of salary paid and credited to the account of the employee along with the TDS deducted and payment details of the same.

2

TDS Return Form 26Q

TDS return form 26Q is filed for other than salary payments like interest payment, commission payment, professional fees payment, contractual payment etc.

3

TDS Return Form 26QB

Form 26QB is to be filled at time of payment for transfer of immovable property

4

TDS Return Form 27Q

It is the statement of TDS return that is required to be filed when tax is deducted and deposited while making payments (other than salary) to non-residents

Who should deduct and pay TDS to government

An individual or a business making any payment exceeding the limit specified in the income tax act, needs to deduct tax before making the payment, this portion of tax is called TDS. Basically here the person making payment is collecting tax on behalf of the Government and depositing the same within prescribed time limit to govt. The party which deducts tax and makes payment is deductor and the party receiving payment is deductee. Every party deducting TDS shall mandatorily file TDS return.

Party whose tax has been deducted can claim this TDS deducted as TDS refund or adjust against its tax liability for the financial year in which TDS has been deducted.. In order to claim TDS refund/adjustment against tax liability, it is important that the party which has deducted your TDS has done the proper TDS retun filing

How N Raghu & Co help

N Raghu & Co can help in deducting TDS as per the applicable income tax law and assist in timely filling of your TDS returns