money at the time of making payments like rent, commission,
professional fees, salary etc. by the persons who is making such payments to any person
IT Act are required to deduct TDS at the time of such payment. But there is no obligation to deduct TDS if any person making the payment to any individual or HUF whose books are not fall under to be audited.
If you are in job so your employer deducts TDS at the income
tax slab rates applicable to you.
3.When TDS need to
At the time of payment or
At the time crediting the A/C of payee
deducted only at the time of payments:
Maturity of life insurance policy
Compensation on compulsory acquisition of
the subsequent or next month.
government by 7th of june. However, the TDS deducted in the March can be
deposited till 30th April. This grace period is given to entity for
finalization of accounts.
The due date of TDS on rent and purchase of property, is within 30 days from
the end of the month in which TDS is deducted at the time of payment
5. How to deposit
6. How and When to
file TDS returns?
payment, PAN etc. Also, different forms are there to file return depending on the type of TDS are as follows:
6. What is a TDS
there are some specified certificates like Form 16, Form
16A, Form 16 B and Form 16 C . TDS certificates
have to be issued by a person who is deducting TDS from you or any other person . As an example
Banks issue Form 16A to the depositor when TDS is deducted on interest from
fixed deposits if depositor dont give 15G or 15H form.
Form no 16 is issued by the employer to the employee.
7. TDS credits in
TDS deductions are linked to PAN numbers for both the deductor and deductee. If
TDS has been deducted from any of your income you should get Tax Credit in Form 26AS.
This form is a
consolidated tax statement which is available to all PAN holders. Since all TDS
is linked to your PAN, this form lists out the details of TDS deducted on your
income by each deductor for all kinds of payments made to you – whether those
are salaries or interest income – all TDS linked to your PAN is reported here.
This form also has income tax directly paid by you – as advance tax or selfassessment tax. Therefore, it becomes important for you to mention your PAN
correctly, wherever TDS may be applicable on your income.