How to File Your TDS Return

TDS is treated as pre-paid taxes as it is paid in advance to the government. The concept of TDS is introduced with an aim to collect tax from the very source of income. TDS is applicable on various incomes such as salaries, interest received, commission received, dividends etc. As per the provision of TDS a Person (known as deductor) who is liable to make payment of specified nature to any other person (known as deductee) shall deduct tax at source and remit the same into the account of the Central Government. TDS is not applicable to all incomes and persons for all transactions. Different TDS rates have been prescribed by the Income Tax Act for different payments and different categories of recipients. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor. Form26AS is a statement which shows the amount of tax deducted and deposited in a person's name/PAN in a particular financial year. An individual can, therefore, view/check the TDS from incomes paid to him by viewing this Form 26AS. Each deductor is also duty bound to issue a TDS certificate certifying how much amount is deducted in the deductee's name and deposited with the government.

Rates prescribed for different types of payments:

Government have Specified different rates for different payments to be made, depending upon the nature of payments made.  

Applicability of TDS:

TDS is only applicable if above a threshold limit. It is important to note that TDS is applicable on specified transaction only when value of payment is above the specified threshold limit. No TDS will be applicable if the payment does not cross the specified amount.
 

The following are the specified person who is liable to deduct TDS:

An Individuals or a H.U.F. is not liable to deduct TDS on such payment except where the individual or H.U.F. is carrying on a business/profession where accounts are required to be audited u/s 44AB, in the immediately preceding financial year.All the companies and Partnership firms are liable to deduct TDS.

Types Of TDS Return Forms:-

Form 24Q -  Quarterly   statement for TDS from Salaries.

Form 26Q -  Quarterly   statement of TDS for payments other than salaries.

Form 27Q -  Quarterly statement of TDS from interest, dividend or any other sum payments to non-residents.

Form 27EQ -  Quarterly statement of collection of tax at source.

TDS Due Date of F.Y 2021-22 (Assessment Year 2022-23) for Return Filling:
Quarter Period Due Date of Filling 

1st Quarter               1st April to 30th June                    31st July 2021 

2nd Quarter             1st July to 30th September           31st Oct 2021 

3rd Quarter              1st October to 31st December     31st Jan 2022 

4th Quarter              1st January to 31st March             31st May 2022