Tax Deducted at Source is an Indirect tax which a service receiver deduct at the time of payment or bill received which ever is earlier and pay it to government on your behalf .TDS could be while purchasing a property, paying rent or paying a salary to any person. You should know how much tax to deduct and when to pay it to the government.
TDS Chart
TDS Refund
If excess tax is deducted, you will have to claim a refund in your income tax return. For most individuals the return has to be filed by 31st July for the previous financial year.
The due date for each TDS payment is the 7th of the month following the month in which you have made the deduction. For example if TDS is deducted on 15th January, it must be deposited with the Income Tax Department before 7th February, except in certain cases as specified above. After making payment, you have to file a TDS return. The due date for each TDS return is the last day of the month following the quarter in which TDS has been paid (except for the Jan-March quarter). Have a look at the table below.
TDS return
TDS Return is a quarterly statement submitted by the deductor to the Income Tax Department. The statement shows a summary of all the entries for TDS collected by the deductor and the TDS paid by the deductor to the Income Tax Authority. The TDS Return statement includes details like the PAN number of the deductor & the deductees,dates of transaction occur, Payment amount, all the detailed particulars of the TDS paid to the government and the TDS Challan information.
Two Types of TDS return are there
- 24Q - TDS return related to salary
- 26Q - TDS return related to other than salary
After successful Filing of TDS return ,deductor has to provide form 16 to salaried employees and Form 16A to other than salary parties.
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