Description
TDS (Tax Deducted at Source) return and filing is the process by which deductors—such as employers and businesses—report the tax they have withheld from payments made to individuals and entities. TDS returns are filed quarterly and include details of the amounts deducted, the nature of the payments (e.g., salaries, professional fees, rent), and the information of deductees.
The returns are submitted electronically to the tax authorities using specific forms based on the type of payments, such as Form 24Q for salaries and Form 26Q for other payments. Timely filing is crucial to avoid penalties and interest on late payments. Accurate filing helps ensure compliance with tax regulations and allows deductees to claim their tax credits.
