Apart from deducting tax and depositing tax in a government account, it is mandatory for the deductor to file the TDS return in a quarterly statement with the Income Tax department.
Tax deducted at source (TDS) reduces tax evasion by making it a requirement to deduct TDS from payments at fixed rates. When your employer pays your salary or your client pays you fees, or the bank pays you interest on your deposits; there are rules and rates prescribed for deduction of TDS. The payer is required to deduct the TDS and deposit it with the government of India. The payee receives the amount net of TDS. In case excess TDS has been deducted, one can file returns and claim the refund from the Income Tax Department accordingly.
|Form 24Q||Statement for TDS from Salary|
|Form 26Q||Statement for TDS from all payments other than salaries.|
|Form 26QB||Statement for TDS on payment for the transfer of immovable property|
|Form 27Q||Statement for TDS where the deductee is Non-resident or Foreign Company.|
|Form 27EQ||Statement for TCS|
|Q1 – April to June||31st July|
|Q2 – July to September||31st Octobers|
|Q3 – October to December||31st January|
|Q4 – January to March||31st May|
An Individual or Organisation, having a valid TAN and responsible for deduction of tax is required to file quarterly TDS return as per provisions of Income Tax Act, 1961. However, no TDS return shall be required to file if TDS is not required to be deducted during that particular quarter.
Yes, TDS return can be revised provided the TIN central systems accept the original TDS return.
As per the Income Tax Act, there is no time limit prescribed for revision of TDS return; however, if incorrect credit in TDS return will impact the deductee at the time of filing their Income-tax return.