Tax Deducted at Source or TDS is a source of collecting tax by the Government of India at the time when a transaction took place.
The tax is required to be deducted at the time money is credited to the payee’s account or at the time of payment, whichever is earlier.
In case of payment of salary or life insurance policy, tax is deducted at the time of payment. The deductor then deposits this TDS amount to the Income Tax Department. Through TDS, some portion of your tax is automatically paid to the Income-tax department.
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 details required to file TDS returns are:
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 :
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