A person who is liable to deduct tax at source has got to file the TDS return as a part of compliance. A TDS return is submitted by Tax Deductor in respect of each quarter with the income tax Department. The return is a statement that entails the details of the tax collected, source of collection, and tax paid to the Government for the reporting period.

 

Generally, tax is deducted on transactions such as Salaries, payment to professionals and contractual basis, payment of rents exceeding certain amount, etc. for every such sort of transaction and payment, there is a prescribed rate of interest. The deductee can claim the advantage of the tax deducted while ITR filing, as long as the deductor has filed the TDS return on time.

 

Form for filing TDS statements
Quarterly TDS statements shall be furnished in following forms:-
1) Form 24Q – Statement of deduction of tax from salary under section 192.
2) Form 27Q – Statement of deduction of tax under section 193 to 196D in respect of the deductee who is a non-resident (not being a company) or a foreign company or resident but not ordinarily resident.
3) Form 26Q – Statement of deduction of tax under Section 193 to 196D in any other case.
However, in case tax is deducted under section 194-IA and 194-IB, the deductor shall furnish a challan-cum-statement in Form 26QB and Form 26QC respectively within a period of 30 days from the end of the month in which the deduction is made. In this case, no statement shall be filed separately.

 

Due date for filing of TDS statements
The due dates for filing quarterly TDS statements are as follows:
• Quarter ending of the financial year If deductor is an office of government or non-government deductor

 

Quarter	Period	Due Date of Filing
1st Quarter	1st April to 30th June	31st July
2nd Quarter	1st July to 30th September	31st Oct
3rd Quarter	1st October to 31st December	31st Jan
4th Quarter	1st January to 31st March	31st May