TDS / TCS Return

Overview

TDS / TCS Return is required to be filed by any person who is liable to deduct tax at source.  A TDS / TCS Return is a quarterly statement which has to be submitted to the Income Tax Department of India. TDS Return is required to be submitted in form no 24Q, 26Q, 27Q and 27EQ. Submitting TDS Return is mandatory if you are a deductor. It should contain all details of TDS deducted and deposited by you for a particular quarter.

The first requirement for filing a TDS Return is to obtain a valid TAN (Tax deduction account number). You need to assess if you are required to deduct TDS on which payments. Usually, all types of payments such as Salaries, Interest, Professional Fees, Payment to Contractors, Rent of Machinery, Rent of Building etc are covered under liable payments.  There are prescribed rates for every type of TDS payments under the Income Tax Act 1961.

Types of TDS returns

As the deductor is liable to deduct tax at source and file the TDS Return form as the supporting document, it is important to note here that there are different types of TDS Return Forms.

The type of TDS Return Form to be submitted is based on the Nature of Income of the deductee or the type of deductee who pays the TDS.

  • Form No. 24Q – Statement of TDS on Salaries.
  • Form No. 26Q – Statement of TDS on all payments other than salaries.
  • Form No. 27Q – Statement of TDS on income received from interest, dividends, or any other sum payable to non residents.
  • Form No. 27EQ – Statement of TCS.

So If you are a deductor and has made payments to resident Indians with regards to any of above, you should file Form 24Q (TDS on salary payments) and Form 26Q (TDS on payments other than salaries) on a quarterly basis. If you have made any payments to non-residents, you are required to file Form 27Q on a quarterly basis.

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