TDS Return is a quarterly statement filed by individuals or entities who deduct tax at source while making specific payments like salary, rent, commission, interest, or professional fees. It is a mandatory compliance under the Income Tax Act, 1961 for all deductors having a valid TAN (Tax Deduction and Collection Account Number). The return contains details of the deductor, deductees, amount paid, TDS deducted, and deposited with the government. Timely filing of TDS returns ensures that the deducted tax is correctly reflected in the deductee's Form 26AS, allowing them to claim credit while filing their income tax return. The due dates are 31st July, 31st October, 31st January, and 31st May for each respective quarter of the financial year.
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