What is TDS Return?

Apart from depositing the tax, the deductor should also file a TDS return. TDS return is a quarterly statement to be given to the I-T department. It is compulsory for deductors to submit a TDS return on time. The details required to file TDS returns are:

1.  PAN of the deductor and the deductee

2.  Amount of tax paid to the government

3.  TDS challan information

4.  Others, if any

Eligibility Criteria for TDS Return

TDS return can be filed by employers or organizations who avail a valid Tax Collection and Deduction Account Number (TAN). Any person making specified payments mentioned under the I-T Act are required to deduct tax at source and needs to deposit within the stipulated time for the following payments :

1.   Payment of salary.

2.  Income by way of ‘ Income on Securities’.

3.  Income by way of lottery, puzzles & others.

4.  Income from winning horse races

5.  Insurance commission

6.  Payment in respect of National Saving Scheme & many others.