Why should we file TDS return?

In case of payment of salary or life insurance policy, tax is deducted at the time of payment. The deductor then deposits this TDS amount to the Income Tax (I-T) department. Through TDS, some portion of your tax is automatically paid to the I-T department. Thus, TDS is considered as a method of reducing tax evasion.

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Is it mandatory to file TDS return?

TDS return filing is compulsory for all the assessees who fall under the tax slab as prescribed by the Income Tax Department. It is compulsory to e-file the TDS returns and it can be done through the official Income Tax e-filing portal. It is mandatory that the TDS returns are submitted on time by the deductors.

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Is it important to file TDS?

Filing TDS return is mandatory if you are deducting TDS. You need to file TDS return on Forms 24Q, 26Q, 26QB or 26QC based on the purpose of TDS deduction each quarter and deposit the deducted amount with CBDT. The return must be filed with the PAN/TAN of the deductor (payor) and PAN/TAN of the deductee.

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Who is eligible for TDS return?

Who is Eligible for TDS Return? Employers and organisations with a valid TAN are qualified for filing TDS returns. Individuals whose accounts are audited under Section 44AB, and hold an office under the government or companies are liable to file online TDS return every quarter.

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Can TDS be refunded?

However, before the salary is credited to your account, Tax Deducted at Source (TDS) is deducted by the employer. You can claim a TDS refund at the time of filing your income tax returns (ITR) for the financial year.

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TDS & TCS return filing on new income tax portal, How to file TDS return on new portal of income tax

21 related questions found

At what salary TDS is deducted?

Also, it will be deducted when the employee's salaried income is taxable. However, if the pay is equal to or less than Rs. 2,50,000, then TDS on salary will not be deducted. However, the employer's status, such as company, HUF, or trust is irrelevant for TDS on salary deduction.

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How can I save TDS?

However, for those earning more, following pointers could help them avoid paying excess TDS:
  1. Submit all investment proofs for deduction under Section 80C. ...
  2. Housing loan repayment (principal) ...
  3. Leave Travel Allowance. ...
  4. Public Provident Fund (PPF) ...
  5. Sukanya Samriddhi account. ...
  6. Benefits under Section 80EE for first-time homebuyers.

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Should we pay tax after TDS?

Irrespective of whether your employer has deducted tax at source (TDS) on your salary or you have paid tax on your own, you should file your income tax return (ITR) if you fit certain criteria.

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What is difference between TDS and ITR?

TDS and Income Tax Difference

Income tax is paid on the annual income with tax being calculated for that specific financial year. TDS is deducted at the time of payment of salary (or on interest on investments) either monthly or quarterly.

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What if TDS is not deducted?

Penalty for companies for not depositing or not deducting TDS on time. The employer can make the interest payment on such late payment of TDS before filing TDS returns or demand raised by TRACES. Also, the interest paid delay while depositing TDS is not allowed as an expense under the income tax provisions.

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What is ITR?

Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person's income and the taxes to be paid on it during the year.

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Can I avoid TDS on salary?

TDS can be avoided by submitting Form 15G or 15H. Form 15H is for senior citizens. It can be submitted if there is no tax on total income. Form 15G is for everybody else, except NRIs.

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How do I avoid monthly tax deductions?

Save Income Tax on Salary
  1. Deductions under Section 80C, Section 80CCC and Section 80CCD. Citizens of India can save tax under these 3 sections. ...
  2. Medical Expenses. ...
  3. Home Loan. ...
  4. Education Loan. ...
  5. Shares and Mutual Funds. ...
  6. Long Term Capital Gains. ...
  7. Sale of Equity Shares. ...
  8. Donations.

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What is new TDS rules?

In the Union Budget for 2022-23, the finance minister proposed that when buying a property, the homebuyer should deduct tax deducted at source (TDS) at the rate of 1 per cent on a non-agriculture immovable property of over Rs 50 lakh on the basis of the sale price or the stamp duty value, whichever is higher, after an ...

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How many types of TDS is there?

TDS Certificates are of two types: Form 16 and Form 16A. Under Section 203 of the Income Tax Act, 1961, a certificate must be provided to the deductee showing the amount that has been subtracted as tax. The deductor is liable to provide this form to the deductee.

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How many days will take for TDS refund?

Income tax refunds are usually issued within 24-45 days after the processing of ITR.

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What happens if I dont file ITR?

If the taxpayer fails to file the ITR by the due date then penalty interest at the rate of 1% per month is levied on the outstanding tax. Further if the outstanding tax liability is over Rs. 1 lakh, section 234A applies from the original due date which happens to be July 31, 2021 in the current case.

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Who should file it returns?

An Individual or HUF shall file his return of Income, even if income does not exceed the maximum exemption limit, if he has deposited an amount (or aggregate of amount) exceeding Rs. 1 crore in one or more current accounts maintained with a banking company or a co-operative bank. .

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Who should file itr1?

ITR-1, also known as Sahaj Form, is for a person with an income of up to Rs. 50 lakh. The Income Tax Department has made it mandatory for all taxpayers to link the Aadhaar card with PAN on the Income Tax Department website.

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What if TDS is paid late?

Under Section 201(1A), in case of late deposit of TDS after deduction, you have to pay interest. Interest is calculated at the rate of 1.5% per month from the date on which TDS was deducted to the actual date of deposit.

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