{"id":36259,"date":"2022-04-04T15:15:14","date_gmt":"2022-04-04T09:45:14","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=36259"},"modified":"2024-06-01T15:28:58","modified_gmt":"2024-06-01T09:58:58","slug":"tax-deducted-at-source-under-income-tax-act-1961","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/tax-deducted-at-source-under-income-tax-act-1961\/","title":{"rendered":"Tax Deducted at Source under Income Tax Act, 1961"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-36261 size-full\" title=\"Tax Deducted at Source under Income Tax Act 1961\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/04\/Tax-Deducted-at-Source-under-Income-Tax-Act-1961-1.png\" alt=\"Tax Deducted at Source under Income Tax Act 1961\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/04\/Tax-Deducted-at-Source-under-Income-Tax-Act-1961-1.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/04\/Tax-Deducted-at-Source-under-Income-Tax-Act-1961-1-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/04\/Tax-Deducted-at-Source-under-Income-Tax-Act-1961-1-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/04\/Tax-Deducted-at-Source-under-Income-Tax-Act-1961-1-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/04\/Tax-Deducted-at-Source-under-Income-Tax-Act-1961-1-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/04\/Tax-Deducted-at-Source-under-Income-Tax-Act-1961-1-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Any entity making a payment to a third party must deduct tax at the source and deposit the funds with institutions authorized to collect taxes on behalf of the government. They must also provide the <\/span><span style=\"font-weight: 400;\">Income Tax Department<\/span><span style=\"font-weight: 400;\"> with <\/span><a href=\"https:\/\/www.cagmc.com\/tds-returns\/\"><span style=\"font-weight: 400;\">TDS returns<\/span><\/a><span style=\"font-weight: 400;\"> and challan information. In this article, we&#8217;ll discuss Tax Deducted at Source under <\/span><span style=\"font-weight: 400;\">Income Tax Act, 1961.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<p style=\"text-align: justify;\"><b>Table of Content<\/b><\/p>\n<ul style=\"text-align: justify;\">\n<li aria-level=\"1\"><a href=\"#Tax\">Tax Deducted at Source under Income Tax Act 1961<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#Concept\">Concept of Deduction of TDS<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#Time\">Time Period for depositing the TDS to the Government<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#Procedure\">Procedure for filing TDS Returns<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#TDS\">TDS Certificate<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#credits\">TDS credits in Form 26AS<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#Case\">Case of Tax liability where TDS is already deducted from Income<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#What\">What is the procedure for claiming Tax Deducted at Source?<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#Endnote\">Endnote<\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Tax\" style=\"text-align: justify;\"><b>Tax Deducted at Source under Income Tax Act 1961<\/b><\/h2>\n<p id=\"Concept\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">TDS, or Tax Deducted at Source, is the amount of income tax that gets deduct from money that person receives at the time of making certain payments, such as rent, commission, professional fees, salary, interest, and so on. In most cases, the person who receives money is responsible for paying income tax. However, the government ensures that income tax gets deduct in advance from your payments by using Tax Deducted at Source regulations. The net amount is then passes to the income recipient (after reducing TDS). The gross amount gets add to the recipient&#8217;s income, and the amount of TDS is deducted from his ultimate tax liability. The sum already deducted and paid on his behalf is credited to the beneficiary.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Concept of Deduction of TDS<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Any individual making certain payments as per\u00a0the Income Tax Act is to deduct TDS at the time of such payment. If the person making the payment is an individual or a HUF whose accounts are not required to be audited, no TDS must be deducted. Individuals and HUFs who pay rent in excess of Rs 50,000 per month are under obligation to deduct TDS at the rate of 5%, even if the individual or HUF is not subject to a tax audit. Individuals and HUFs who are under obligation to deduct TDS at a rate of 5% do not need to apply for TAN. TDS gets deduct by your employer at the applicable income tax slab rates.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">\u00a0Banks apply TDS at a rate of 10%. Alternatively, if they do not have your <a href=\"https:\/\/www.cagmc.com\/how-to-apply-for-instant-pan-card\/\">PAN<\/a> information, they may deduct 20%. TDS rates are as per Income Tax Act, 1961 for most payments, and TDS gets deduct by the payer on these rates. You do not have to pay any tax if you submit investment proofs (for claiming deductions) to your employer and your total taxable income is below the taxable limit. As a result, no TDS should be removed from your earnings.<\/span><\/p>\n<p id=\"Time\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Similarly, if your total income is below the taxable limit, you can submit Form 15G and Form 15H to the bank so that TDS, then they will not deduct TDS from your interest income. If you haven&#8217;t been able to provide documentation to your employer, or if your employer or bank has already deducted TDS and your total income is less than the taxable limit, you can file a return and request a refund of the TDS.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Time Period for depositing the TDS to the Government<\/b><\/h2>\n<p id=\"Procedure\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">By the 7th of the following month, the taxpayer must submit the TDS to the government.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">TDS deducts in June, for example, must be remit to the government by July 7th. TDS deduct in March, on the other hand, can be deposited until April 30th. The due period for TDS deducted on rent and property purchases is 30 days from the end of the month in which TDS is deducted.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Procedure for filing TDS Returns<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">All people who have deducted TDS are under\u00a0obligation\u00a0to submit Tax Deducted at Source returns. The taxpayer must file TDS returns, quarterly and include information such as the dedicatee\u2019s TAN, the amount of TDS deducted, the type of payment, and the dedicatee\u2019s PAN. In addition, depending on the purpose of the TDS deduction, multiple forms for submitting returns are in need. \u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr style=\"background-color: #1e82b6;\">\n<td><b>Form No.<\/b><\/td>\n<td><b>Transactions that must be declared on the\u00a0return<\/b><\/td>\n<td><b>Deadline<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Form 24Q<\/b><\/td>\n<td><span style=\"font-weight: 400;\">TDS on Salaries<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Q1 \u2013 31st July\u00a0Q2 \u2013 31st October\u00a0Q3 \u2013 31st January\u00a0Q4 \u2013 31st May \u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Form 27Q<\/b><\/td>\n<td><span style=\"font-weight: 400;\">TDS is levied on all payments made to non-residents, with the exception of salaries.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Q1 \u2013 31st July\u00a0Q2 \u2013 31st October\u00a0Q3 \u2013 31st January\u00a0Q4 \u2013 31st May<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Form 26QB<\/b><\/td>\n<td><span style=\"font-weight: 400;\">TDS on property sales<\/span><\/td>\n<td><span style=\"font-weight: 400;\">TDS is deducted 30 days after the end of the month.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Form 26QC<\/b><\/td>\n<td><span style=\"font-weight: 400;\">TDS on rented property<\/span><\/td>\n<td><span style=\"font-weight: 400;\">TDS is deducted after 30 days from the end of the month.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"TDS\" style=\"text-align: justify;\"><b>TDS Certificate<\/b><\/h2>\n<p id=\"credits \" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The TDS certifications are Form 16, Form 16A, Form 16 B, and Form 16 C. TDS certificates must be supplied to the assessed from whose income TDS was deducted while making payment by the person deducting TDS. When TDS gets deduct on interest from fixed deposits, for example, banks give Form 16A to the depositor. The employee receives Form 16 from the employer.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>TDS credits in Form 26AS<\/b><\/h2>\n<p id=\"Case\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">It&#8217;s important\u00a0to know\u00a0how TDS relates to your <a href=\"https:\/\/www.cagmc.com\/how-to-apply-for-instant-pan-card\/\">PAN<\/a>. TDS deductions are in link to both the deduct or and the dedicatee\u2019s PAN numbers. If you have had TDS deducted from any of your earnings, you must fill out Tax Credit Form 26AS. This is a consolidated tax statement that all PAN holders have access to.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Because all TDS is in link to your PAN, this form details the TDS which gets deduct from your income by each deduct or for all types of payments give to you \u2013 whether salary or interest income &#8211; all TDS in relation to your PAN is reports here. Income tax is also payable directly by you on this form, either as advance tax or self-assessment tax. As a result, it&#8217;s critical that you correctly enter your PAN whenever TDS may be due on your earnings.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Case of Tax liability where TDS is already deducted from Income<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">TDS gets deduct from your salary based on your income tax bracket. TDS rates for other types of income are ranging between 10% and 20%. Your tax rate is not determined by your overall income. As a result, in some situations, there will be an application of a TDS on your receipts. Separately, you&#8217;d have to figure out your annual income by combining all of your sources of revenue.<\/span><\/p>\n<p id=\"What\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">For computing your real tax liability authority will take references from your total taxable income. You can claim credit for TDS deducted on your various receipts based on the taxes calculated. To calculate the sum due to the IRS, subtract the tax deducted at source from your actual tax liability. You may also be eligible for a refund. In either situation, you must file an <\/span><a href=\"https:\/\/www.cagmc.com\/income-tax-returns-for-individuals\/\"><span style=\"font-weight: 400;\">income tax return<\/span><\/a><span style=\"font-weight: 400;\"> and either pay the tax due or request a refund.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>What is the procedure for claiming Tax Deducted at Source?<\/b><\/h2>\n<p id=\"Endnote\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">On the IRS website, individuals can apply for a TDS refund. Taxpayers must, however, file income tax returns and receive TDS refunds. Income Tax Department will process the TDS after the taxpayer files his or her ITR. Within six months, the bank will credit the funds. Individuals can also check the status of their refund on the official website of the Internal Revenue Service.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Endnote<\/b><\/h2>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.cagmc.com\/what-is-tax-deduction-at-source\/\"><span style=\"font-weight: 400;\">Tax Deducted at Source<\/span><\/a><span style=\"font-weight: 400;\"> under<a href=\"https:\/\/www.incometaxindia.gov.in\/pages\/acts\/income-tax-act.aspx\" target=\"_blank\" rel=\"noopener\"> Income Tax Act, 1961<\/a> is a phenomenon that exists to limit the likelihood of income evasion by the beneficiary. Furthermore, the country&#8217;s economy&#8217;s transparency gets a boost from the timely filing of TDS returns.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Tax deducted at source relieves a deductee of the burden of filing taxes. It ensures that the government receives consistent revenue from taxpayers.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Any entity making a payment to a third party must deduct tax at the source and deposit the funds with [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":36261,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[69],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tax Deducted at Source under Income Tax Act 1961 - CAGMC<\/title>\n<meta name=\"description\" content=\"Latest Article - Tax Deducted at Source under Income Tax Act 1961. 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