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.
What is TDS Return and why do you need to file it?
TDS/TCS statements are furnished on quarterly basis, Now, quarterly statements pertaining to Financial Year 2007-08 onwards are accepted as per the guidelines of Income Tax Department.
As per the government’s TDS Scheme, tax has to be deducted at the time of making payment. Person who makes the payment – deducts & deposits TDS with the government. TDS deducted is usually deposited to the government by submitting an ‘income tax challan’ along with the payment.
Besides depositing tax, as a Deductor, you must also file a 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. TDS Returns include details of PAN of the deductor and deductees, particulars of tax paid to the government, TDS challan information and other details as required in the forms.
PAN card/ PAN number is required for filing TDS Return.
Challan is required for Self-assessment, advance tax, if you have deposited the same.
TDS Certificate is mandatory (if TDS has been deducted by other)
Scanned copy of the first page of bank passbook showing a few transaction and address of the business must be submitted for the bank account mentioned in the registration application.
In response to a notice received from Department of Income Tax – You need the details of Original return/details of notice.