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Tax Deducted at Source (TDS) is nothing but income tax that is deducted from the amount paid at the time of making specified payments. The concept of TDS was brought in by the government with the objective of collating tax from the very source of income. In return, the individual from whose income the tax was collected becomes entitled to receive a credit of the amount so deducted on the basis of Form 26 AS.
TDS return filing services is done as per the Income Tax Act, 1961. TDS return is submitted by the deductor for the end of every quarter to the Income Tax Department.
Tax Deducted at Source is a component of the income tax inaugurated by the Central Government to deduct the amount of tax from the source of income. The added advantage of TDS is that the sum is adjusted against the final tax liability. The excess of tax already deducted and paid on the taxpayer’s behalf is returned back to him.
TDS should be deducted from any person making specified payments under the Income Tax Act. Please note that no TDS is deducted from a person or a member of the Hindu Undivided Family whose books are not required to be audited within a sum of Rs 50,000.
Also, if you submit evidence claiming deductions and your taxable income is below the taxable limit specified in the Income Tax Act, you are not liable to pay any tax and no TDS is deducted on your income. Ideally, the TDS rates are set up depending upon the categories of recipients and the income range of persons.
TDS return filing services is important so as to reduce the risks of tax evasion by the recipient of incomes for the tax is deducted at the source itself. It acts as evidence that the necessary taxes have been duly filed and paid to the Central Government. By deducting the tax from the source itself, the government ensures that the tax is collected on the day it is generated rather than at a later date.
The government has also made the provision that if the taxpayer feels his/her total income in a financial year will be less than the threshold limit for TDS return filing services, he/she may be allowed to ask the payer not to deduct TDS by submitting Form 15G/15H.
Let us see how to file a TDS return online:
In order to do TDS return filing services, you must ensure that you have a TDS statement ready. Here are a few steps to guide you to upload your TDS statement on the official web portal of the Income Tax Department:
4. A form will appear on the screen. Fill in the required details and click on the individual defaults in filing or submitting a TDS return/statement:
PAN of the deductors needs to be submitted by non-Government deductors. It is necessary to specify PAN of all deductees lacking which credit of tax deducted will not be awarded.
The due dates for filing quarterly TDS returns, both electronic and paper are as under:
Quarter Due date for TDS statements (all Deductors)
April to June 31 July
July to September 31 October
October to December 31 January
January to March 31 May
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