TDS Returns, TDS return filing
TDS Return is required to be filed by any person who isliable to deduct tax at source. A TDSReturn is a quarterly statement which has to be submitted to the Income TaxDepartment of India. Submitting TDS Return is mandatory if you are a deductor.It should contain all details of TDS deducted and deposited by you for aparticular quarter.
The first requirement for filing a TDS Return is to obtain avalid TAN (Tax deduction account number). You need to assess if you arerequired to deduct TDS on which payments. Usually, all types of payments suchas Salaries, Interest, Professional Fees, Payment to Contractors, Rent ofMachinery, Rent of Building etc are covered under liable payments. There are prescribed rates for every type ofTDS payments under the income tax act 1961.
Informative read: TDS rate Chart for FY 2020-21.
Types TDS return forms:
TDS return Form 24Q: Statement for tax deducted at sourcefrom salaries
TDS return Form 26Q: Statement for tax deducted at source onall payments other than salaries.
TDS return Form 27Q: Statement for tax deduction on incomereceived from interest, dividends, or any other sum payable to non residents.
TDS return Form 27EQ: Statement of collection of tax atsource.
So If you are a deductor and has made payments to residentIndians with regards to any of above, you should file Form 24Q (TDS on salarypayments) and Form 26Q (TDS on payments other than salaries) on a quarterlybasis. If you have made any payments to non-residents, you are required to fileForm 27Q on a quarterly basis.
Form 16A and Form 16 (TDS Certificates) can only begenerated if you have correctly filed your TDS Returns.
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