What is TDS Return Filing ?
A person who is required to deduct tax at source must comply by filing the TDS return. Tax Deductor must file a TDS return with the Income Tax Department every quarter. The return is a declaration that includes information about the taxes paid, sources of payments, and amounts collected during the reporting period.
Tax is typically subtracted from transactions like salaries, payments to professionals on a contractual basis, rent payments that surpass a specific threshold, etc. There is a set rate of interest for each of these kinds of transactions and payments. Only if the deductor has timely filed the TDS return may the deductee enjoy the benefit of the tax deducted during ITR filing.