Do I need to file ITR if TDS is deducted?
When the tax deducted does not match your actual tax payable, you can calculate your income and taxes, file an income tax return (ITR) and claim a refund. In case you do not have taxable income, you can apply for a lower or NIL TDS certificate from your jurisdictional Income Tax Officer in Form 13 as per Section 197.
Do you need to file returns if tax has been deducted by your employer?
If your income under all heads, including salaries, is above the basic tax exemption limit, you are required to pay tax. You are required to calculate tax and file tax returns irrespective of whether your employer deducted any tax from you or not, or even when he fails to issue you a Form 16.
Why is there a tax due even after TDS was deducted?
Why is there a tax due even after TDS was deducted? Your employer has been deducting tax every month. Even the bank has been crediting interest income after deducting taxes. Also, savings account interest is not subject to TDS.
Is it mandatory to file income tax return if TDS is deducted Quora?
This is the additional tax that has been deducted from your salary by your employer. Irrespective of whether you are supposed to get back any money from the IT department, every salaried individual earning more than INR 2,50,000 mandatorily needs to file an income tax return.
How can I get TDS refund on salary?
First is to declare it in your IT return form and the income tax department will automatically compute the refund and credit it to your bank account. Second way is to fill form 15G and submit it in your bank telling them that your salary is below tax slab and hence no tax should be levied on it.
Is TDS deducted on salary refundable?
There is no form or specific process to claim TDS refunds. The deductee needs to file the income tax returns usually only. However, if there is any excess of TDS on salary charged, what the employee is supposed to pay in the given year, then the refund amount will be due and will need to be shown in the returns filed.
Is TDS on salary deducted every month?
Is TDS Deducted Every Month from Salary? Yes, TDS on salary is deducted every month. As per Section 192, the employer will deduct TDS on salary at the time of making the payment to the employee.
What happens if TDS is deducted but not deposited?
Penalty for companies for not depositing or not deducting TDS on time. The employer can make the interest payment on such late payment of TDS before filing TDS returns or demand raised by TRACES. Also, the interest paid delay while depositing TDS is not allowed as an expense under the income tax provisions.
Is it mandatory to file nil ITR return?
Filing of a NIL income tax return is not mandatory if your total income is below the basic exemption limit as per the income tax act. But it is always recommended that you file an ITR if there is any source of income earned by you in a financial year.
How do I claim TDs if TDS is deducted and refund arises?
If TDS of a person is deducted and Refund arises, same can be claimed, by filing Income Tax Return. E.g. many taxpayers have only income of Interest on deposits.
What happens if you miss out on TDs credit in ITR?
You must be careful while filling tax details in ITR form as it may happen that you miss out the TDS credit. If TDS (tax deducted at source) has been deducted on any income paid to you during the FY 2019-20, then remember to claim credit for the tax deducted at source (TDS) in your income tax return (ITR).
What is the difference between TDs and TCS in income tax?
TDS can be deducted by a bank on interest income paid to you or by your tenant. TCS (tax collected at source) could have been paid by you if the motor vehicle you purchased was worth more than Rs 10 lakh. Credit of TCS during the year has to be claimed in your ITR in a manner similar to that for TDS.
How to file Form 13 in advance for lower TDs deduction?
Quick Tip: For any financial year, if you’re sure that the TDS deducted will surely be more than the total tax payable by you, then under section 197 you can file Form 13 in advance for lower or nil TDS deduction. The response certificate received by income tax officer can then be submitted to the authority who is supposed to deduct TDS for you.
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