TDS Returns

What Is TDS Return?

A TDS Return is a quarterly statement which has to be submitted to the income tax department. Submitting TDS Return is mandatory if you are a Deductor. It has details of TDS deducted and deposited by you.

Why TDS/TCS Return Required To File?

TDS/TCS return filling is legal requirement in India as per Income tax Act 1961
Any person making specified payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such specified payment. But no TDS has to deducted if the person making the payment is an individual or HUF whose books are not required to be audited.

Advantages of Filing TDS return
TDS/TCS return filling is legal requirement in India as per Income tax Act 1961 for such class of taxpayer, prescribed limit & nature of payment as per law.
If you filing TDS return on time, hence no need to pay interest, penalty & disallowance of income.

Disadvantages of a Non Filling TDS return

* Fees for late-filing of TDS under section 234E
* Penalty for late-filing or non-filing TDS under section 271H:
* Interest shall be levied on late deduction & late payment of TDS

Documents Required For TDS Returns

  • Copy of TDS Challans Deposited
  • PAN of Deductees
  • Amount of TDS Deducted and date of deduction
  • Exemption Certificates if TDS is not deducted on any payments
  • Nature of expense for which TDS is deducted
  • Bank Statements and Invoices as supporting to check payments (Optional)

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TDS Returns
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