Also Read - What happens if TDS is deducted by employer but not deposited

At times, employees discover that although their salary has been subjected to Tax Deducted at Source (TDS), their employer has not deposited this tax with the government. A judgment from the Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) highlights that it's the responsibility of the employee to prove that TDS has been deducted from their salary income. To safeguard against the rejection of their TDS claims, experts advise employees to retain their pay slips and Form 16, which is a T...

Also Read - Do's And Don'ts while filing TDS return

While filing TDS Return, A Return Preparer should keep in mind the following Do's and Dont's:-  Do's: 1. Read the instructions carefully: Familiarize yourself with the guidelines and instructions provided by the Income Tax Department for filling TDS returns. 2. Use updated forms: Always use the latest version of TDS return forms provided by the government. This ensures compliance with current regulations. 3. Double-check the details: Ensure that all information, such as TAN, PAN, and de...

Also Read - Comprehensive overview of Tax Deduction at Source (TDS)

This article provides a comprehensive overview of Tax Deduction at Source (TDS), covering various aspects such as forms, returns, challans, due dates, and related information. TDS is a mechanism employed by tax authorities to collect taxes at the source of income. This aims to explain the concept of TDS, its significance, and the procedures involved in complying with TDS requirements.  Introduction   taxes from various sources of income at the time of payment. It ensures the timel...

Also Read - TDS on Sale / Purchase of Property - Steps to Pay TDS through Challan 26QB and to Obtain Form 16B

If Seller/Deductee is a resident of India: The Finance Act 2013 introduced section 194IA applicable w.e.f. 01.06.2013, wherein TDS is applicable on sale of immovable property where the sale consideration of the property is equal to or exceeds Rs. 50,00,000/- (Rupees Fifty Lakh). TDS @ 1% should be deducted by the purchaser/buyer of the property at the time of making payment of sale consideration. Tax so deducted should be deposited to the central government account through any of the author...

Also Read - TDS on payment of Rent by Individual/HUF in Excess of Rs. 50,000 per month

  This section is applicable w.e.f 01/06/2017. Any individual/HUF whose books of account are not required to be audited u/s 44AB of Income Tax Act, 1961 in the immediate preceding F.Y. and paying to a resident, rent of land and building, is liable to deduct tax u/s 194-IB. However, no tax is required to be deducted on payment of monthly rent of Rs. 50,000 or less. Tax shall be deducted only one time in a year i.e. annually in the last month of the previous year. If the ten...

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