TDS is the tax which is deducted at the source. The person making certain payments as governed by the sections of the Indian Income Tax Act, 1961 to another person deducts tax and same is then remitted to the government account. The Govt. has imposed the duty on the person making payment to the another person to deduct tax in order to minimize the tax evasion and to confirm that the person receiving the payment does not escape from the tax bracket.
The person who deducts the tax is known as Deductor and the person whose tax is deducted is known as Deductee. Apart from this Individual and HUF who are liable to get their accounts audited u/s 44AB are also liable to deduct TDS.
TDS certificates are issued by the deductor (the person who is deducting tax) to the deductee (the person from whose payment the tax is deducted). There are mainly two types of TDS certificates issued by the deductor.
TDS Return/statement is a summary of all the transactions related to TDS made during a Quarter.
TDS/TCS Returns:-
Where tax is deducted by the office of the Government:
In any other cases:
The below-mentioned documents are for reference and are with the income tax return online (ITR).
Salary income
House Property
Capital Gains
Tax savings investments
Other sources
The above-mentioned documents are only for the purpose of reference. The users are recommended to gather other documents as required on the basis of the variable cases.
