TDS stands for Tax Deducted at Source. It is a type of tax that is deducted by the payer at the time of making payment to the payee.

Any person who makes payment to another person for certain specified transactions such as salary, interest, rent, commission, etc. is required to deduct TDS at the prescribed rates.

TDS return is a statement that contains details of TDS deducted, TDS collected, and other related information. It is filed with the Income Tax Department on a quarterly basis.

Any person who has deducted TDS is required to file TDS return.

The due dates for filing TDS return are as follows:

· For the first quarter (April to June): 31st July ·

For the second quarter (July to September):

31st October · For the third quarter (October to December):

31st January · For the fourth quarter (January to March): 31st May

The penalties for late filing of TDS return are as follows:

· A penalty of Rs. 200 per day of default, up to the amount of TDS, if the TDS return is filed within one year from the due date.

· A penalty of Rs. 500 per day of default, if the TDS return is filed after one year from the due date.

TDS return can be filed online through the Income Tax Department’s e-filing portal. The user needs to register on the portal, login, and select the relevant form to file the TDS return.

There are different types of TDS returns depending on the nature of the payment and the status of the payee.

The different types of TDS returns are:

· Form 24Q for TDS on salary

· Form 26Q for TDS on payments other than salary to residents

· Form 27Q for TDS on payments to non-residents

· Form 27EQ for TCS (Tax Collected at Source)

TDS is Tax Deducted at Source, which means that the tax is deducted by the payer at the time of making payment to the payee. TCS is Tax Collected at Source, which means that the tax is collected by the seller from the buyer at the time of sale of certain specified goods.

If there is any mistake in the TDS return filed, the user can file a correction statement to rectify the mistake. The correction statement can be filed on the Income Tax Department’s e-filing portal by selecting the relevant form and mentioning the correct details. It is important to note that a correction statement can only be filed for the current and previous financial years.