If you're a salaried particular person, you will have to have surely come across the time period TDS. TDS stands for tax deducted at supply – the tax that is deducted out of your salary by way of your employer and paid to the government in opposition to your Permanent Account Number (PAN).
After TDS, the employers issue the Form 16 to you, which is your salary or source of revenue certificates and accommodates main points of source of revenue and taxes paid. Employers deposit tax deducted at supply on a quarterly foundation, and in most cases Form 16s are issued after the tip of a financial 12 months.
The time period TDS is hogging headlines because the Income Tax Department not too long ago unearthed a scam where 447 firms were deducting taxes from their workers but no longer depositing the amount with the government and as a substitute diverting them for private or business pursuits. The scam price Rs. three,200 crore comes within the wake of quite a lot of banking and monetary scams that have rocked the country not too long ago.
Since TDS is deducted at the supply, workers in most cases do not be concerned about it. However, as an worker chances are you'll land in trouble if the TDS is deducted but no longer deposited with the government. You gets a notice from the I-T Department for discrepancies in Form 16 and Form 26AS. This brings us to the query: how as an worker can you check if your TDS has been deposited and that there’s no mismatch in main points?
To prevent from trouble, we provide a step by step guide. You don’t wish to look forward to your Form 16 to see if it fits with the main points in Form 26AS. The TDS deducted is mirrored to your salary slip and will also be checked there.
Form 26AS accommodates information about deducted tax, main points of tax deducted at supply, tax amassed at supply, main points of advance tax, refunds, and prime value transactions deducted on behalf of the taxpayer.
In more effective terms, the form signifies the TDS deducted out of your salary and deposited to the government in opposition to your PAN. Since the TDS deposited is linked together with your PAN, you'll easily check if it's been deducted and verified thru Form 26AS.
How To Check TDS Deduction:
* The TDS deducted will also be checked quarterly by way of visiting the source of revenue tax e-filing web page.
* Login to the source of revenue tax submitting web page the use of your login and password.
* Click at the View Form 26 AS tab at the proper. This will direct you to TRACES web page.
* To obtain the Form 26As from the TRACES web page you might have click on Tax Credit (Form 26As possibility).
* Form 26As can be downloaded by way of PAN holders who have netbanking account with player banks. You just need to login on your bank's web banking web page and click on at the possibility provided to view Form 26AS.
* The taxpayers too can receive information about the TDS deposited in opposition to their PAN numbers thru SMS alerts. Therefore, all taxpayers will have to update their correct and lively cell numbers in their e-filing account.
* To steer clear of mismatches, ensure that a correct PAN quantity is supplied on your employer. Any roughly discrepancy will have to be told on your employer right away and a revised form 16 will have to be issued.
After TDS, the employers issue the Form 16 to you, which is your salary or source of revenue certificates and accommodates main points of source of revenue and taxes paid. Employers deposit tax deducted at supply on a quarterly foundation, and in most cases Form 16s are issued after the tip of a financial 12 months.
The time period TDS is hogging headlines because the Income Tax Department not too long ago unearthed a scam where 447 firms were deducting taxes from their workers but no longer depositing the amount with the government and as a substitute diverting them for private or business pursuits. The scam price Rs. three,200 crore comes within the wake of quite a lot of banking and monetary scams that have rocked the country not too long ago.
Since TDS is deducted at the supply, workers in most cases do not be concerned about it. However, as an worker chances are you'll land in trouble if the TDS is deducted but no longer deposited with the government. You gets a notice from the I-T Department for discrepancies in Form 16 and Form 26AS. This brings us to the query: how as an worker can you check if your TDS has been deposited and that there’s no mismatch in main points?
To prevent from trouble, we provide a step by step guide. You don’t wish to look forward to your Form 16 to see if it fits with the main points in Form 26AS. The TDS deducted is mirrored to your salary slip and will also be checked there.
Form 26AS accommodates information about deducted tax, main points of tax deducted at supply, tax amassed at supply, main points of advance tax, refunds, and prime value transactions deducted on behalf of the taxpayer.
In more effective terms, the form signifies the TDS deducted out of your salary and deposited to the government in opposition to your PAN. Since the TDS deposited is linked together with your PAN, you'll easily check if it's been deducted and verified thru Form 26AS.
How To Check TDS Deduction:
* The TDS deducted will also be checked quarterly by way of visiting the source of revenue tax e-filing web page.
* Login to the source of revenue tax submitting web page the use of your login and password.
* Click at the View Form 26 AS tab at the proper. This will direct you to TRACES web page.
* To obtain the Form 26As from the TRACES web page you might have click on Tax Credit (Form 26As possibility).
* Form 26As can be downloaded by way of PAN holders who have netbanking account with player banks. You just need to login on your bank's web banking web page and click on at the possibility provided to view Form 26AS.
* The taxpayers too can receive information about the TDS deposited in opposition to their PAN numbers thru SMS alerts. Therefore, all taxpayers will have to update their correct and lively cell numbers in their e-filing account.
* To steer clear of mismatches, ensure that a correct PAN quantity is supplied on your employer. Any roughly discrepancy will have to be told on your employer right away and a revised form 16 will have to be issued.
Is your TDS actually going to government? Here's how to check
![Is your TDS actually going to government? Here's how to check]()
Reviewed by Kailash
on
March 06, 2018
Rating:
