TDS Return | Meaning and Definition

What is a TDS Return?

A Tax Deduction comprises information regarding individual reimbursement and deductions to payees. A single deductee can have several deductions in one quarter, while each invoice can have multiple Tax Deductions linked with it. In addition to a tax deduction, tax deposition in the government account, filing the return in the form of a quarterly statement is to be done by the deductor to the Income Tax Department. This is also known as TDS return. Eventually, the deductor not only has to deduct it but file it as well. 

A typical TDS return entails the following details:

  •   Tax Deduction and Deductee details.
  •   Invoice details
  •   Deductor information
  •   Type (Non-salary or salary), year, and Quarter of TDS
  •   Salary information for every employee in a financial year

The need for filing TDS returns online is applicable to the following categories of assesses:

  •   All Collectors as well as Deductors.
  •   All govt. Collectors as well as Deductors.
  •   Where the collector/ deductor needs to get, their accounts are audited u/s 44AB of Income Tax Act, 1961, in the immediately precursory financial year.
  •   Where the number of collected records or deductees for one-quarter of the immediately precursory FY in a quarterly statement is greater than or equal to 20.

Assesses other than those mentioned here can provide their TDS return either in the online format or physical format. TDS return filing is accomplished by employers or organizations who have valid deduction numbers (TAN) and tax collection numbers. Any individual who makes specified payments stated within the Income Tax Act needs to deduct the taxes at the sources. Furthermore, they are required to turn in the tax within the stipulated duration for making the payments mentioned below:

  •   Income on social securities
  •   Salary payments
  •   Income that comes by winning puzzles, lotteries, etc.
  •   Insurance commissions
  •   Payment regarding the National Saving scheme etc.


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