To collect tax from the very source of income, the TDS concept was introduced. According to this idea, a person (deductor) who is required to make a payment of a specific sort to another person (deductee) must withhold tax at source and deposit it into the Central Government's account. On the basis of Form 26AS or a TDS certificate provided by the deductor, the deductee from whose income tax source deductions have been made
There are four types of TDS returns- Form 24Q, 26Q, 27Q and 27EQ. Form 24Q is filed for salary TDS, while 26Q is filed for TDS on other income. Form 27Q is filed for TDS on sale of property, and 27EQ is filed for e-TDS return filing.
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