As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department.
TDS deducted in a particular month is to be deposited till 7th of the succeeding month except March where it can be deposited by 30th of Apr of next Financial Year.
Return for the first three quarters for TDS is to be filed till 31st of the succeeding month to the quarter and for the march, it is 31st May of next Financial Year.
Failing to submit TDS return within due date will attract interest, penalty and departmental actions as per Laws.