Frequently asked questions:
1. What's the difference between paying TDS and returning TDS?
Income tax is determined for the specific financial year and is paid on the annual income. TDS is deducted either monthly or quarterly when a salary (or interest on an investment) is paid. Only select persons who make payments have their taxes deducted at source.
2. Is it possible to claim TDS from past years?
In general, a credit for TDS on any income can be claimed only in the fiscal year in which the income was earned, not in the fiscal year in which it was received. Any advance payment given to you during the year on which TDS was deducted is not eligible for TDS credit for that year.
3. What software is available to help prepare the e-TDS/TCS return?
A free downloadable return preparation utility for the preparation of e-TDS/TCS is accessible on the NSDL website. Third-party suppliers, on the other hand, have created software for filing e-TDS/TCS returns.
4. What documents do I need to file a TDS return?
The following is a list of the documents you'll need to file your tax return:
• Form 16: TDS (Tax Deducted at Source) Certificate is another name for Form 16.
• Salary stubs
• Form 26AS
• Form 16A
• PAN card (Personal Identification Number)
• The Aadhaar card
• Sections 80D to 80U deductions
• Statement of Capital Gains
5. Is Form 26Q filed separately from the rest of the tax return?
No, filing Form 26Q separately is not required. For all payments made to residents, Form No. 26Q and a separate annexure must be filed.
6. Is DSC required for TDS?
Note: To submit a TDS statement successfully, the user must first register with DSC or EVC.
7. What is the distinction between a tin and a tan number?
The Taxpayer Identification Number (TIN) is for entities that are subject to Value Added Tax (VAT), such as traders and manufacturers. All entities responsible for deducting or collecting taxes at the source are given a Tax Deduction and Collection Account Number (TAN).
8. Who is eligible to file a TDS Return?
The TDS Return must be filed by everyone who makes a payment for designated goods or services. Individuals and HUF are not obligated to deduct TDS (Hindu Undivided family).
9. How is the TDS refund calculated?
You would add up all your revenue from various sources, calculate your tax burden, and subtract the TDS from your income when completing your income tax return. If your TDS is larger than your total tax liability for the year, the government will owe you a refund.