TDS Return is a quarterly statement submitted by the deductor to the Income Tax Department.
Tax Deducted at Source or TDS is a source of collecting tax by Government of India at the time when a transaction takes place. Here, the tax is required to be deducted at the time money is credited to the payee’s account or at the time of payment, whichever is earlier.
In case of payment of salary or life insurance policy, tax is deducted at the time of payment. The diductor then deposits this TDS amount to the Income Tax (I-T) department. Through TDS, some portion of your tax is automatically paid to the I-T department. Thus, TDS is considered as a method of reducing tax evasion.
Tax is deducted usually over a range of 1% to 10%.
1. Filing TDS return helps the government agencies prevent people or entities from tax evasions.
2. Filing TDS returns provide government of India a steady source of revenue, as the TDS is filed every month by the diductors who come under the prescribed slab.
3. Filing TDS returns widens the base of tax collection for the government.
4. The tax collection agencies have a huge responsibility to keep an eye on every earning person who comes under taxpaying slab to make sure that the tax is paid, so the TDS return filing makes it easy for the tax agencies.
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