TDS return filing is a mandatory quarterly statement that needs to be submitted to the Income Tax department by the deductor, along with depositing the tax. It can be done online and once submitted, the details are reflected in Form 26AS. The required details for TDS return filing include the PAN of the deductor and the deductee, the amount of tax paid to the government, TDS challan information, and any other relevant information.
TDS, or Tax Deducted at Source, is the tax collected by the Government of India at the time of a transaction, wherein the tax is deducted when the money is credited to the payee’s account or at the time of payment, whichever occurs earlier. For example, in cases of salary payment or life insurance policy, the tax is deducted at the time of payment. The deducted amount is then deposited by the deductor with the Income Tax Department, and a TDS Certificate is issued to the deductee as proof of tax credit.
The TDS Certificate, bearing a unique 7-digit certificate number and a TRACES watermark, serves as evidence of tax credit and should be preserved by the deductee. TDS certificates for payments other than salaries are issued quarterly, while the TDS certificate for salary is provided annually. In case of loss of the certificate, the deductee can request a duplicate TDS Certificate.
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