TDS return can be best described as the quarterly statement or summary of all TDS-related transactions made during the specific quarter. Typically, it comprises details of the TDS collected and deposited to the Income Tax Authority by the deductor. The essential details disclosed in a TDS return statement include the following –
• Deductor and deductee’s PAN.
• Particulars of TDS paid
• Challan details
Notably, all details included in the online TDS return form are also disclosed in the payee’s Form 26AS. It is mandatory for all individuals who come under the purview of tax slabs prescribed by the IT department.
Typically, eligible individuals can file TDS returns through the IT department’s e-filing portal. In case one fails to file TDS returns within 1 year of filing from the due date, he/she must pay at least Rs.10000 as a penalty for delaying the process.