Types of TDS returns
What is TDS?
TDS (Tax Deducted at Source) is a system where tax is deducted at the time of making payments such as salary, rent, interest, commission, or professional fees. The person making the payment (deductor) deducts the tax and deposits it with the government.
The recipient (deductee) gets credit for this tax, which is shown in their Form 26AS and can be adjusted against their income tax liability.
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Types of TDS Forms
Form 24Q
For TDS on salary
Form 24Q
For TDS on all payments except salary (interest, commission, professional fees, etc.)
Form 27Q
For TDS on payments to non-residents (except salary)
Form 27EQ
→ For TCS (Tax Collected at Source)
Form 16
Given to employees (TDS on salary)
Form 16A
For non-salary payments
Form 26AS
Annual consolidated TDS statement
Who Needs to File TDS Returns?
Employers deducting TDS on salary
Companies & firms making vendor payments
Banks deducting TDS on interest
Individuals/HUFs with TDS liability
Anyone holding a valid TAN
Advantages of Filing TDS Returns
Legal compliance with Income Tax Act
Avoids penalties & late fees
Smooth refund process for deductees
Individuals/HUFs with TDS liability
Disadvantages of Not Filing TDS
Penalty of ₹200/day for late filing
Disallowance of related business expenses