TDS Return is required to be filed by any person who is liable to deduct tax at source. A
TDS Return is a quarterly statement
which has to be submitted to the Income Tax Department of India. Submitting TDS Return is mandatory if you are a deductor.
It should contain all details of TDS deducted and deposited by you for a particular quarter.
The first requirement for filing a TDS Return is to obtain a valid TAN (Tax deduction account number). You need to assess
if you are required to deduct TDS on which payments. Usually,
all types of payments such as Salaries, Interest, Professional
Fees, Payment to Contractors, Rent of Machinery, Rent of Building etc. are covered under liable payments. There are prescribed
rates for every type of TDS payments under the income tax act 1961.
Payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. shall be eligible for this reduced rate of TDS.