A TDS Return is a quarterly statement which has to be submitted to the income
tax department. Submitting TDS Return is mandatory if you are a deductor. It
has details of TDS deducted and deposited by you. TDS Returns include
details of PAN of the deductor and deductees, particulars of tax paid to the
government, TDS challan information and other details as required in the
Besides depositing tax, as a Deductor, you must also file a TDS Return. A TDS Return is a quarterly statement which has to be submitted to the income tax department. Submitting TDS Return is mandatory if you are a deductor. It has details of TDS deducted and deposited by you.
As per the government’s TDS Scheme, tax has to be deducted at the time of making payment. Person who makes the payment – deducts & deposits TDS with the government.
TDS deducted is usually deposited to the government by submitting an ‘income tax challan’ along with the payment. Besides depositing tax, as a Deductor, you must also file a TDS Return.
TDS Return is required to be filed by the assessee who has deducted the TDS. TDS Returns are required to be filed after specified intervals and details to be furnished in these returns include fields like TAN No., TDS Payment, amount deducted, type of payment, PAN No. etc.
The form in which the quarterly returns have to be submitted is specific to the nature of deduction.
Statement for tax deducted at source from salaries
Statement for tax deducted at source on all payments except salaries
Statement for deduction of tax from interest, dividend, or any other sum payable
Statement of collection of tax at source to non-residents
VAT/TIN is mandatory in India for doing manufacturing and trading business if the annual turnover is more than Rs. 5 lakhs.
VAT is levied by state and is hence different for separate states.
TAN is an 11-digit unique number, in which the first two digits indicates state code and the remaining 9 digits differs with each state.
Exporters are exempted from VAT payment to promote export of goods to different countries.
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