TDS return filing is done by organizations or employers who have availed a valid tax collection and deduction number (TAN). Any person who is making specified payments mentioned under the Income Tax Act is required to deduct the taxes at the sources and they are needed to be deposited with the Government the tax within the stipulated time for making the following payments.
Salary Payment
Income from winning horseraces
Income on securities
Insurance commissions.
Income by winning the lotteries, puzzles, and others.
Payment concerning the National saving scheme and many others.
Benefit of TDS filing
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It prevents people from evading taxes
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It is convenient for the deductee, as his Tax burden is borne by the deductor
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It ensures a steady source of revenue for the Government
Required documents of TDS filing
TAN (Tax Collection and Deduction Account Number) and PAN of the taxpayer
Date of Incorporation of the Business
Tenure for which the TDS is to be filed
Last TDS filing details
Form 16 and a Salary Certificate received from the Employer by the employee
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