In general, tax is taken from transactions such as salaries, payments to professionals on a contractual basis, rent payments in excess of a particular amount, and so on. There is a set rate of interest for each type of transaction and payment. As long as the deductor has submitted the TDS return on time, the deductee can claim the benefit of the tax deducted while completing the ITR.

Form for filing TDS statements
Quarterly TDS statements shall be furnished in following forms:-
1) Form 24Q – Statement of deduction of tax from salary under section 192.
2) Form 27Q – Statement of deduction of tax under section 193 to 196D in respect of the deductee who is a non-resident (not being a company) or a foreign company or resident but not ordinarily resident.
3) Form 26Q – Statement of deduction of tax under Section 193 to 196D in any other case.
However, in case tax is deducted under section 194-IA and 194-IB, the deductor shall furnish a challan-cum-statement in Form 26QB and Form 26QC respectively within a period of 30 days from the end of the month in which the deduction is made. In this case, no statement shall be filed separately.