TDS Return

Introduction
TDS is simply Tax Deducted at Source. As per the Income Tax Act – persons responsible for making payments are required to deduct tax at source at prescribed rates. Tax deducted at source (TDS), as the very name implies aims at collection of revenue at the very source of income. It is essentially an indirect method of collecting tax which combines the concepts of “pay as you earn” and “collect as it is being earned.”
The concept of TDS requires that the person on whom responsibility has been cast, is to deduct tax at the appropriate rates, from payments of specific nature which are being made to a specified recipient. The deducted sum is required to be deposited to the credit of the Central Government. The recipient from whose income tax has been deducted at source, gets the credit of the amount deducted in his personal assessment on the basis of the certificate issued by the deductor.

What is the procedure for refund of TDS?
In case of excess deduction of tax at source, claim of refund of such excess TDS can be made by the deductor. The excess amount is refundable as per procedure laid down for refund of TDS. The difference between the actual payment made by the deductor and the tax deducted at source or deductible, whichever is more will be treated as the excess payment made. This amount is to be first adjusted against any existing tax liability under any of the Direct Tax Acts. After meeting such liability, the balance amount is to be refunded.

Process of e-filing
Quarterly/Annually E-TDS/TCS Statement/Return Defined:
(a) Annual e-TDS return:
Form 24 salary
Form 26 non-salary
Form 27 non-resident
(b) Annual e-TCS return:
Form 27E
(c) Quarterly return:
Form 24Q salary
Form 26Q non-salary Form 27Q non-resident


These Annual and Quarterly TDS return are filed in electronic form with the Tax Authorities within the specified time.

Due Date of Submission of Return:
For the Quarter ending June30th 15 July of the Financial Year
For the Quarter ending September30th 15 October of the Financial year
For the Quarter ending December 31 st 15 January of the Financial year
For the quarter ending March 31 st of the financial year 15 May of the Financial Year immediately following the Financial year in which tax is deducted.