Tax Deducted at Source is a system introduced by the Income Tax Department, whereby individuals responsible for making payments have to deduct tax at source at prescribed rates. TDS applies to various incomes like salaries, commission received, interest received, etc.
Now, every assessee who has deducted TDS is required to file TDS returns. There are quarterly statements submitted to the Income Tax Department by the deductor, and contain information pertaining to TDS deducted and deposited. Different forms have been prescribed for filing returns, depending on the intent of the TDS deduction. Details like PAN of the deductor and deductees, particulars of tax paid to the government and TDS challan information, among other things, can be found in the statements.