TDS Return Filing

The Individual/Entity who deduct the said amount are termed as Deductor, and the Individual/Entity whose tax is deducted is termed as Deductee. A TDS return has to be mandatorily filed by the deductor of tax. This is done every quarter with the Income-Tax Department. TDS return is a statement that shows the amount of tax deducted, the source of deduction, and the tax deposited to the government for the concerned period.

As required under Income Tax Act, tax is deducted on transactions such as Salaries, payment to Professionals and contractors, payment of rents surpassing a specific amount, If the Payer is liable to deduct Tax on the payment.

For each such type of transaction and amount, there is a designated rate of tax. The deductee can include the TDS deducted as prepaid tax while ITR filing, only if the deductor has filed the TDS return.

The process

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