Tax Deductor apart from deducting the tax and depositing the tax in the government account, is also required to file the TDS return in the form of a quarterly statement to the I-T department. Such TDS returns can be filed online, and the same shows up in the Form 26AS of the payee.
On-time TDS return submission aids the government in keeping track of income inflow records. It keeps a check on people & prevents tax evasion.
The money collected from TDS returns is used for the good of the country. It provides the government with a consistent source of money.
Because TDS is paid on a quarterly basis, there is no need to pay the lump sum tax all at once. As a result, the tax collecting agencies and the deductor's responsibilities are lowered.
PAN and TAN of deductor is required
Tax deducted details is requried
Details of Inward and Outward supplies alongwith Invoice is required