TDS, which stands for Tax Deducted at Source (TDS), collects income tax from individuals and entities under the Income Tax Act of 1961. All amounts covered under the provision of TDS need to be paid after deducting the prescribed percentage.
TDS managed by the Central Board of Direct Taxes (CBDT) comes in handy while conducting tax audits.
TDS Return is a quarterly statement that needs to be submitted to the Income Tax Department.
TDS returns include details of the deductor(s) Permanent Account Number (PAN), particulars of the tax paid to the government, information regarding the TDS challan among other details as required in the forms that are to be submitted.
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To check the status of TDS using the PAN Card, one needs to follow the steps mentioned below:
Step 1 - Visit official website .
Step 2 - Log in or register with PAN
Step 3 - Click on 'Proceed'
Step 4 - Enter the PAN and TAN
Step 5 - Select the financial year as well as the quarter and the type of return
Step 6 - Click on 'Go'
Step 7 - The details will be displayed on the corresponding screen.
In a bid to check TDS credit using Form 26AS one needs to follow the steps mentioned below:
Step 1 - Visit :https://www.incometax.gov.in/iec/foportal/
Step 2 - Register using PAN and Details
Step 3 - If you are already a registered user, log in using the credentials.
Step 4 - Go to 'My Account'.
Step 5 - Click on 'View Form 26AS'.
Step 6 - Select 'Year' and 'PDF format'.
Step 7 - Download the file.
Step 8 - The file that is password protected can be opened by the Date of Birth as per the PAN Card.
Apart from knowing TDS status through PAN and Form 26AS, one can also view their TDS online by using the net banking portal. However, for that, the PAN has to be linked to the net banking portal.
Follow the steps given below to check TDS status through TDS Central Processing Cell:
Step 1 - Visit the TDSCPC portal
Step 2 - Click on the ‘Taxpayer’ tab
Step 3 - Choose the option ‘View TDS/TCS’ certificate from the options present on the left-hand side
Step 4 - You are required to fill the verification code to proceed on the next page
Step 5 - On the next page, you will have to enter the taxpayer’s PAN number and all the other details.
Step 6 - Click on ‘Go’
Step 7 - Your TDS will be displayed on the screen
Follow the steps given below to check TDS status through Income Tax e-filing portal:
Step 1 - Login on your Income Tax e-filing portal with the given username and password
Step 2 - Click on ‘My Account’ tab and choose ‘View Form 26AS’.
Step 3 - You will be directed to the TRACES portal
Step 4 - Select the year of assessment and the file format
Step 5 - Your TDS will be displayed on the screen.
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Form 16 is issued by employers as a certificate for the payment of TDS on salary. Form 16B is for TDS on the sale of properties and Form 16C is issued as the TDS certificate for rental payments.
A TDS on rent should be submitted in Form 26QC. You have 30 days from the TDS deduction month's end to file this return.
The individual making payments that are subject to tax deductions is responsible for deducting TDS. According to the Income Tax Act, these people are required to deduct TDS from the payment.
A TDS return is a statement submitted on behalf of the income recipient by the individual or organisation that deducted tax at source. This summary comprises all transactions for which TDS was deducted during a specific quarter or fiscal year.
If TDS is deducted in July, it must be deposited by 7 August of the same year. The amount must be deposited by 30 April if TDS is deducted in March. The deadline for TDS on rent payments and property purchases is 30 days from the date TDS was deducted.
Yes, you can check the TDS status with your PAN Card by visiting the TRACES portal.
Yes, you will have to pay interest on TDS returns if they are filed late under Section 201(A). Between the date of deduction and the day that the money is actually deposited, you must pay an interest rate of 1.5% per month.
Yes, if you file TDS after the deadline, you will be liable to a penalty of Rs.200 per day as per Section 234E of the Income Tax Act. This amount must be paid for each day of delay until TDS is deposited or the amount equals the TDS amount.
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