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...

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...

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...

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...

TAX DEDUCTED AT SOURCE Tax deducted at source (TDS) is a way of collecting tax.  Any payment covered under this provision has to be made after deducting TDS on the same. Different percentages are prescribed for different types of payment. The onus of compliance lies with the PAYER who makes the payment for expenditure. Tax has to be deducted as specified in the relevant section. Deductor must have a PAN of the PAYEE. Tax has to be deducted at higher rate i.e 20% if PAN is not availa...