Take care of TDS while filing income tax return, claim more deductions

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2006
31 December is the last date, so far 3.97 c

TDS is mentioned in Form 26AS. By issuing TDS certificate to every deductor, it is also necessary to tell how much TDS he has deducted and deposited it to the government.




TDS means tax deduction at source – TDS means to deduct tax at the source. TDS is deducted on all types of income sources, such as salary, interest on any investment or commission, etc. TDS does not apply to every transaction. The Income Tax Department charges TDS at different rates for different transactions. For example, ten per cent of the part of PF which is taxed. Ten percent on dividend. Five percent on insurance. 30 percent on lottery.

Also Read: From FDs To PPF: All You Need To Know About Taxation Rules For Different Types Of Investments

If you are an Indian citizen and you have invested in debt mutual fund, then you will not have to pay TDS on this income, but if you are an NRI and you will have to pay tax on the income from this fund.

TDS is mentioned in Form 26AS

TDS is mentioned in Form 26AS. By issuing TDS certificate to every deductor, it is also necessary to tell how much TDS he has deducted and deposited it to the government. Therefore, in 26AS, it has to be seen whether TDS has been deducted more than your tax liability. If more is deducted then it has to be claimed while filing ITR.




TDS is not deducted on interest less than 10 thousand on FD

TDS is deducted only on payments above a certain level. TDS is not deducted if there is no payment above a certain amount. TDS is deducted on different income limits, the Income Tax Department has set some rules to deduct TDS on salary, interest etc. Like if you get less than 10 thousand interest from FD in a year, then you will not have to pay TDS on it.

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Article first Appeared on Informalnewz

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