A TDS Return refers to a quarterly statement that needs to be filed by any person or entity liable to deduct tax at source. The term TDS stands for tax deducted at source, and it is applicable when a payment exceeds certain threshold limits set by the Income Tax Act. The TDS Returns must be filed in the appropriate TDS Returns Forms specified by the tax department.

Here are some important points about TDS Returns:

1. It is mandatory for deductors to file TDS Returns if they are liable to deduct tax at source.
2. The TDS Returns is a quarterly statement that needs to be submitted to the Income Tax Department of India.
3. It should contain all the details of TDS deducted and deposited by the deductor for a particular quarter.
4. To file a TDS Returns, you need to have a valid TAN (Tax Deduction Account Number) and PAN (Permanent Account Number).
5. The return should include transaction details and payment details for the relevant deductibles.
6. Different types of TDS payments have prescribed rates under the Income Tax Act, 1961.

There are different forms for filing TDS Return based on the nature of payments:

– Form 24Q: For tax deducted at source from salaries
– Form 26Q: For tax deducted at source on payments other than salaries
– Form 27Q: For tax deduction on income received from interest, dividends, or any other sum payable to non-residents
– Form 27EQ: For the statement of collection of tax at source

Filing TDS Returns correctly is crucial as it enables the generation of Form 16A and Form 16 (TDS Certificates).

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