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TDS (Tax Deducted at Source) return filing is a process of filing a statement to the Income Tax Department containing details of tax deducted on behalf of the payee. TDS is deducted from various payments such as salaries, interest, rent, professional fees, etc., as per the Income Tax Act.
TDS returns need to be filed quarterly by the deductor (person or entity that deducts TDS) in Form 24Q, 26Q, 27Q, or 27EQ, depending on the nature of the payment. The due dates for TDS return filing are:
– 31st July for the first quarter (April to June)
– 31st October for the second quarter (July to September)
– 31st January for the third quarter (October to December)
– 31st May for the fourth quarter (January to March)
TDS returns can be filed online through the government’s e-filing portal or through TDS return filing software provided by various service providers. The TDS returns filed by the deductor contain details such as the TAN (Tax Deduction and Collection Account Number) of the deductor, PAN (Permanent Account Number) of the deductee, amount of TDS deducted, date of deduction, and deposit of TDS with the government.
It is important to file TDS returns on time and accurately, as failure to do so may result in penalties and interest charges.