Sage-Tips

What happens if employer deducted TDS 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.

Which ITR to file if TDS is deducted under 194J?

For instance, if a salaried person has his/her TDS deducted under section 194J (for professional income) along with TDS on salary income under section 192, income in respect of TDS deducted u/s 194J should be shown as income from business/profession and consequently ITR 3 or 4 would have to be filed.

Who is deducted to deduct TDS US 192?

Section 192 of the I.T. Act, 1961 provides that every person responsible for paying any income which is chargeable under the head ‘salary’, shall deduct income tax on the estimated income of the assessee under the head salaries.

How do you check if employer is depositing your TDS with the government?

How to check if TDS deducted by your Employer is deposited against your PAN?

1. Kindly login to IT e-Filing portal with your credentials.
2. Click on ‘View Form 26AS (Tax Credit)’ link.
3. You will then be re-directed to TRACES website. (
4. Click on ‘View Tax Credit (Form 26AS)’ option.

What is Section 194J A?

Section 194J requires deduction of tax at source @10\% from the amount credited or paid by way of fees for professional services, where such amount or aggregate of such amounts credited or paid to a person exceeds Rs….Section 194J TDS on Professional or Technical Fees.

Nature of payment	Threshold limit	Rate of tax
Royalty	Rs. 30,000	10\%
Non-compete fees	Rs. 30,000	10\%

What happens if TDS is deducted wrong?

Rectifying TDS Mismatch: Inform the person responsible for deducting TDS from your income, i.e. your employer. If the reason for mismatch is a mistake from your employer’s side, it is easier and faster for them to make corrections. The employer has to file a revised TDS Return.

What is TDS 192 A?

Section 192A of the Income Tax Act, 1961 essentially is concerned with the Tax Deducted at Source or TDS on the withdrawals of the provident fund. This is a new section recently in the existing Income Tax Act recently by the government of India as per the recommendations made in the Finance Act 2015.

When should an employer deduct TDS?

When is TDS Deducted under section 192 Under Section 192, TDS is deducted at the time of actual payment of salary and not during the accrual of salary. Tax will also be deducted if your employer pays salary in advance to you or you receive arrears from him.

Is section 194j under TDS (Tax Deducted at source) deductible?

Section 194J under TDS (Tax Deducted at Source) will be not deducted where the prescribed payment or credit does not exceed the prescribed threshold limit. We would like to mention here that the limit is applied and varies for each of the above services section 194J under TDS (Tax Deducted at Source).

What happens if TDS is not deducted from your salary?

Since the employee gets a salary every month, the employer will make a deduction for TDS on salary every month. In case, the employer fails to deduct the same, he will be liable to pay the penalty and interest.

What is the ITR deduction for TDs receivable?

if you are contractual service provide (accounting services) then tds should be deducted u/s 194j and. if there are employee and employer relationship exist,tds will be deducted u/s 192b. SO FILE. ITR 4S :: income from other source and claimed tds receivable.

What is the difference between 192 file ITR 4s and 194j?

File ITR 1 :: If empolyer will not deduct TDS next time u/s 194J, and he will deduct the same u/s 192 File ITR 4S :: If he will continue to deduct TDS u/s 194J because you will have to show it as professional fees. Dear Ajay,there is two diffrent head and deduction is done on nature of relationship and services