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TDS Return Filing: Benefits, Documents

When a person pays someone and deducts some percentage of it as tax, it is called TDS i.e. Tax Deducted at Source. It is sent to the account of the government by the person paying the tax. TDS is the deduction of tax from where the income is generated

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TDS return filing is the statement that is given to the Income Tax Department every three months. Timely submission of TDS return is essential for the deductor. The main aim of TDS is to collect tax from every source of Income. As per the provisions of the Income Tax Act 1961, A tax-deductor is required to provide a periodic TDS statement (quarterly) by the established due date, which must include all information on tax deductions made during the quarter.


Categories under which TDS Return is Filed

There are different categories under which TDS can be filed which are:

  • Individuals were holding office under the Government.

  • Payment from the National saving Scheme.

  • Salary of an individual

  • Insurance Commission or the Income from any other sources like lottery puzzles etc.

  • The categories under which there is the eligibility to file the TDS Return on electronic media:

  • Company

  • Individuals whose accounts are audited under u/s 44AB


What are the Benefits of TDS Return Filing?

  • It helps in collecting the tax regularly.

  • Provides an easy way of tax payment to the taxpayer.

  • TDS is a regular source of income for the government.

  • Through TDS, you can avoid the burden of paying a large amount of tax at one go. You are at ease by paying TDS every month.


TDS Return Filing: Categories to keep in mind

The Government of India has divided the TDS return filing for the employers into three categories. These categories are for employers who hold a TAN Number and file a TDS return. Tax Collecting and Deduction Account Number is referred to as the TAN. These groups include:

  • Salary for an Individual

  • Income from Insurance Commission

  • National Saving Scheme Payment


General Documents For TDS Return Filing

  • TDS certificates

  • Tax payment challans (Self-assessment, advance tax)

  • PAN card details

  • In response to a notice received from Income Tax department-You need the details of the Original return or details of notice

  • All Bank account information.

Additional Documents for TDS Return Filing – Salary Income

  • Form 16.

  • Salary Certificate.

Additional Documents for TDS Return Filing – Interest Statement

  • Bank’s TDS Certificate

  • Interest Income Statement for FD

  • Bank Statement/passbook for interest on savings account for RD

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