Many types of questions will come to your mind as soon as you hear TDS. Like what is TDS? Why is TDS levied? How much income does TDS incur? Where does this amount deducted as tax go? Who can deduct TDS? How to claim TDS refund? Here you will get the answers to all the questions.
 |
TDS is a method of taxation by the government. With which tax evasion can be prevented to a great extent.
TDS has many more benefits that both the government and the public have.
If you pay tax, then you should know how TDS comes out.
If you don't know, how do you remove TDS in today's post? You will get full information about it.
__
What is TDS ?
What is TDS: TDS is a part of Income Tax. It means 'Tax deducted at source.' This is a way of assessing Income Tax.
Refund claim is made when TDS is higher than Income Tax and Advance tax or Self assessment tax is to be submitted if it is less.
Refund claim is made when TDS is higher than Income Tax and Advance tax or Self assessment tax is to be submitted if it is less.
Or say the purpose of starting TDS was to cut taxes on the source itself. If someone has any income, then after deducting tax from that income, if the person is given the remaining amount, then the amount deducted as tax is called TDS.
The government collects tax through TDS. It is deducted on different types of income sources such as salary, interest on any investment or commission etc.
__
TDS FULL FORM – “TAX DEDUCTED AT SOURCE”
TDS is a method of depositing Income Tax by the Income Tax Act 1961. Which Government submits Advance.
There is only one way of TDS Payment Tax and in addition Advance Tax and Self Assessment Tax are also methods of payment. Have said above.
Now you must have understood what TDS is.
Now further you have been told the benefits of filling TDS.
TDS Benefits -What are the benefits of TDS?
Not only does the government benefit from TDS, but it also benefits the income earners. Let us know further about these benefits of TDS.
If you pay tax, then our own country develops. By filling tax, the government gets money, which is helpful in the development of the country.
The biggest benefit of filling TDS is to stop tax evasion, that is, it stops tax evasion and people who have higher income will not be able to steal tax. Hence TDS is deducted at income source.
__
The government has a good income by filling tax. By which the government is able to meet the expenses and system properly.
Through TDS, not only job occupants pay tax, but those who make a good income in some way, they pay tax.
TDS does not apply to every income and to every transaction.
For example, if you are an Indian and you have invested in Debt mutual funds, then you will not have to pay any TDS on the income received.
But if you are NRI (NRI) then you will have to pay TDS on the income from this fund.
People who have a good income come under TDS through TDS, so that the government can get revenue from people who come from Salaried Person to other Profession.
Next, you will learn about how to fill TDS.
How To Fill TDS
Any institution (which comes under the purview of TDS) which is paying, deducts it as a fixed Amount TDS.
The TDS deduction certificate from which tax has been taken must also be taken.
The deductee can claim TDS of his paid tax. However, the same financial year has to be claimed.
The person who pays TDS is also responsible for depositing it in the government account.
Those who cut TDS are called Didctor. The one who gets the payment of tax deduction is called Didacti.
_
_
Form 26AS is a tax statement showing tax deducted and deposited in the person's name or PAN.
By issuing a TDS certificate to a typical deductor, it is also necessary to tell how much TDS he has deducted and deposited it to the government.
Do you also want to pay TDS? But you do not know how to fill TDS. So you have been told about it further.
How To Fill TDS Online
Some steps are given below to fill TDS Online, so follow these steps and know how TDS Online is filled.
Go To Website : First of all you have to go to the website of Nsdl.
Challan No./ Itns 281 : Here you have to select TDS Challan No./ Itns 281.
E- Payment Form : After this there will be a Form Open. Which you should fill correctly.
Tax Applicable : If a company invoice has to be filled then select the company deductees.
Other firms other than the company, select Non - Company Deductees for an individual.
Tax Deduction Account No./Assessment Year : In this option, enter the Tan number and enter the assessment year for which you have to pay.
Basic Details : It has to fill its basic details.
Type Of Payment : In this, you have to select payment. Select whatever tax you have to pay.
Select Net Banking – In this, select the Bank Name, go to Net Banking's site and login.
Select Account – Select your account.
Enter The Amount – Fill the Amount by calculating the tax in Basic and others and submit it by clicking Proceed.
In this way, you can fill the TDS by following these steps.
How is TDS deducted?
Your TDS is deducted from your Salary, but do you know how it is cut. If you do not know how TDS is deducted then it is explained below.
Income and expenditure such as salaries, interest from bank, house rent and payment of commission etc. are covered under TDS.
Some money is deducted while making payment, this is called deducting TDS. The Deductee already knows about this. We have mentioned above what is called Deductee.
TDS is deducted on many payments like- Interest, Salary, Dividend, Commission, Rent etc. TDS is deducted on the salary given by the employer to his employees.
The person whose income is deducted from tax also has the right to get TDS Certificate.
__
How to know if TDS is cut or not - how to check TDs
How to know whether TDS is sliced or not? - How to check TDS
If you want to know whether your TDS is deducted or not, how much TDS is deducted. So for this you are given below information.
Friends, Form 26 As provides complete information about TDS. In this form, the tax and deposits deducted are fully explained.
How much TDS is cut or it has been deposited in your name or not, let us know in a different way how to check TDS.
Step 1. Visit Official Website : First of all, you have to go to the official website of Incometaxindiaefiling.gov.in
Step 2. Register Yourself : Now here you will see the option of Register Yourself and click on it.
Step 3. Select User Type : In this, you have to select User Type.
Step 4. Enter Details : Here you have to give all the information based on the details given in the pan. After which to generate a password.
Step 5. Login Account : Now login the account using User Id and Password.
Step 6. Click View Tax Credit Statement (26 As) : After this, you will see this option, click on it.
After just clicking on it, you will reach the website of Traces (TDS Reconciliation Analysis and Correction Enabling System) where you will get all the information about TDS.
__
How To Calculate TDS
How to remove TDS Let's try to explain you by an example.
By understanding this example, you can remove your TDS. That means you can calculate TDS.
Suppose the Earned Income that you have in a Financial Year, then the Taxable Income in your Earned Income is Rs 1 Lakh. And a firm named X has deducted 40 thousand rupees while paying you.
And another firm named Y has deducted TDS of 45 thousand rupees from the total income while paying you.
So the total TDS deduction will be 95 thousand rupees. And your total taxable income is 1 lakh rupees.
Out of that, you reduce 95 thousand, meaning you have to pay income tax of only 5 thousand rupees. Thus you can easily withdraw TDS.
TDS Rates
Next, you are being told a TDS rates in which TDS Section is also mentioned. This will help you understand TDS rates. So let's know these TDS rates.
What to do to get TDS Refund
TDS regain rules –
Now you have got complete information about your TDS. And if your TDS is deducted more than your income tax.
So you can claim to get back the amount deducted by TDS. This is how you can understand it.
Suppose your total taxable income is Rs 1 lakh. And you have over 1 lakh TDS deducted in a financial year.
So you can claim to get back the additional deducted TDS in filling ITR. Shortly after the claim, the money will be returned to your account.
__
Also if your low TDS has been deducted. So while filling the income tax ITR you can fill your ITR by reducing the amount deposited in TDS. You can understand it this way.
Suppose your taxable income is 1 lakh rupees. And your TDS has been deducted only ₹ 90 thousand.
So you have to deposit the remaining ₹ 10000 at the time of filling ITR.
How to claim TDS Refund?
How to claim TDS? -
If you have deducted more TDS than income tax. So you can claim to get it back.
For this, when you file income tax return. So there you are also given a column of TDS.
Where you can give all information about your TDS. And can get refund for their additional deducted TDS.
10% TDS is deducted from your account. And when you will be provided a refund. So you also get 6% interest.
TDS - In Final Words
Friends, you got complete information about TDS here. I hope that now you too can easily fill TDS through this post.
Along with this, you also got more information related to TDS. like
What is TDS What are the benefits of TDS? How to fill TDS. How to cut TDS. How to check TDS How to remove TDS What is TDS rates. How to claim TDS back?
So how did you get all this information, friends tell you this information by commenting and if you have any suggestions on it, then also comment it.
Share this post with your friends on social media also, so that more and more people will get information about TDS, for this you can use Whatsapp, Facebok, Instagram, Twitter.
Thank you for reading the whole post
Tags – What is TDS, what are the benefits of TDS, how to fill TDS, how to deduct TDS, how to check TDS, how to withdraw TDS, what is TDS rates, how to claim TDS back? How to get TDS refund, Income tax TDS refund, Refund status TDS, Return deadline TDS, What is TDS certificate, TDS rates, Deduction details TDS, TDS refund procedure, How to get income tax refund?
If you liked the information of this article, then please share your experience by commenting. This is very helpful for us and other readers. Thank you