Sage-Tips

Can I get Form 16 if TDS is not deducted?

The employer or the entity that deducts your Tax Deducted at Source (TDS) is legally bound to issue Form 16 by May 31. Hence, if no tax has been deducted, Form 16 will not be issued to them.

Who is not liable to pay TDS?

Any person making specified payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such specified payment. But no TDS has to deducted if the person making the payment is an individual or HUF whose books are not required to be audited.

What is the penalty for TDS return?

Apart from delay in filing of TDS/TCS return, section 271H also covers cases of filing incorrect TDS/TCS return. In other words, minimum penalty of Rs. 10,000 and maximum penalty of upto Rs. 1,00,000 can be levied if the deductor/collector does not file a TDS/TCS return or files an incorrect TDS/TCS return.

Can TDS be returned?

TDS Refund – How to claim TDS Refund. Tax Deducted at Source (TDS) is the sum that is deducted from a taxpayer’s income like salary, interest from bank accounts, rent etc. If the TDS collected is more than what you owe to the government, you can get a TDS Refund.

Who is not eligible to deduct TDS?

Can I get salary without TDS?

Yes, the deduction for TDS on salary is mandatory under Section 192 of the Income Tax Act. Every employer who pays a salaried income to his employees needs to deduct TDS on salary if the income amount is over the basic exemption limit.

When is TDS deducted from the salary of employees?

An employer is required to deduct TDS at the time of payment of salary to employees. Since the employer is paying salary every month, he is liable to deduct TDS every month else he shall be liable to pay interest and penalty.

What is Disdis-allowance of expenses under TDs?

Dis-allowance of Expenses, on which tax has not been deducted /deposited u/s 40 (a) (ia) From the date when TDS was deductible till date of actual deduction,rate of interest is 1\% p.m. For delayed deposit, from date of deduction till actual date of payment, rate of interest is 1.5\% p.m

What to do if your employer does not issue TDs certificates?

In some cases, the employer does not issue TDS certificates at all and it only comes to the employee’s notice through salary slip entries or in the form of short payment of salary. What can you do in such a situation? The first thing you should do is bring it to the notice of your employer and request him to do the needful, before the deadline.

What to do if TDS is deducted from your 26as?

Maintain proof of TDS deduction including salary slips, bank statements and any other documents as evidence that TDS has been deducted. Review your 26AS and tally it with your TDS certificate (Form 16 or 16A) as applicable, to detect and rectify any discrepancies. Ensure with your employer that TDS has been deducted against your correct PAN.