Who is pay tds

Taxpayers can cross-check the information provided in the SMS with the information on the payslips to make sure that there is no mismatch. TDS mismatch could be a common reason for incorrect income tax return filing. On salary, TDS is deducted based on the income tax slab applicable to you. The tax rates are not based on your total income.

Hence, you would suffer a TDS on your receipts in certain cases. Separately, you would be required to calculate your annual income by aggregating income from all sources. Your actual tax liability would be calculated on the total taxable income. From the taxes calculated, you can claim credit for TDS deducted on your various receipts.

Reduce the tax deducted at source from your actual tax liability to know the balance to be paid to the income tax department.

You may have a refund too. In both cases, you have to file an income tax return and pay the tax due or claim a refund. This is applicable when the total tax deducted or collected is more than Rs. Check out the late filing fee and interest applicable. From FY , you can choose to pay income tax under an optional new tax regime. According to Section O, an e-Commerce operator is required to deduct TDS for facilitating any sale of goods or providing services through an e-Commerce participant.

Read in detail here. Read the article to understand the implications of section K. There are certain situations where the recipient would not have PAN. In such circumstances, the payer is required to adopt the provisions of Section AA.

Organisations or taxpayers that deduct taxes at source can view the filed TDS statement on the income tax e-filing portal. Read here to know more. Those who deduct tax at source must have a TAN. Union budget was presented on 5th July New section M was introduced in the Income tax act via finance bill Read here about section M.

Tax collected at source TCS is the tax payable by a seller which he collects from the buyer at the time of sale. Let us know everything about TCS.

How do you apply for a TAN? A deductor has to deposit the deducted TDS to the government and the details of the same have to be filed in the form of a TDS return. A TDS return has to be filed quarterly. Reach out to us if you need any help with your TDS returns. Try TDS for free. Upload your Form Was this article helpful? Have a query? However, the TDS deduction for non-salaried individuals has not changed.

The due date for audit will extend from 30th September to 31st October this year. In such a case, the employee cannot get a tax credit of the TDS on salary while filing their income tax return. In case the employer fails to deduct or deposit TDS on salary, then they will have to pay the penalty in the form of interest on the same.

The table below explains the interest the employer will need to pay under two different cases:. The employee can minimize TDS on salary by investing in specific tax saving instruments.

The deduction benefits on TDS on salary can be enjoyed under the provisions of different sections. Here are a few important ones below: [3]. There are many tax-saving instruments covered under this Section, such as:. ULIP Unit linked investment plan. This Section also covers house loan repayment principal amount subject to the limit of Rs. Under this Section, employees can minimize TDS on salary if they are first-time homebuyers and have taken a loan.

They will be able to claim tax benefits on home loan interest amounts. This deduction will be over and above the limit of Rs. As per rules of Income Tax Act, the employee can claim credit for TDS on salary that is either paid or accrued in the same financial year in which the TDS on salary is deducted. However, when income is paid in advance such as advance rent , it will not belong to one FY, and credits for such income shall be carried forward to the next financial year.

There are two kinds of TDS certificates that the deductor can issue. Form Certificate that employer issues to employees. It lists down TDS on salary details made throughout the year. TAN is required to be obtained by a person who is a deductor. The deduction is based on the TDS on salary slab. You can also use the calculator for your TDS calculation on salary for FY or the previous financial years.

Close Search. Term Insurance Plans. Investment Plans. Life Insurance Plans. Customer Login. About Us. Pay Online. Check Returns. Income-Tax Views 83 Shares. Herein, we would be discussing the TDS deducted on salary along with other aspects. Total income Rs.

What is TDS? As per section , his TDS on salary as per the current slab rate will be Rs. Income Tax Calculator i See how the latest budget impacts your tax calculation. Which Financial Year do you want to Calculate taxes for?

Your Age?