Sage-Tips

What happens if Deductor does not deposit TDS?

When your employer has not paid the TDS to the income tax department, the TDS would not be available against your PAN in your Form 26AS. If you take the tax credit for this amount, you will receive a notice from the income tax department for the mismatch in the TDS claimed and taxes paid.

What is the penalty for tax not deducted at source?

Section 273B states that notwithstanding anything contained in Section 271C, no penalty shall be imposed on the person or the assessee for failure to deduct tax at source if such person or the assessee proves that there was a reasonable cause for the said failure.

What is the difference between Form 16 and Form 26 as?

While Form 16 is issued annually on TDS from salary, Form 16A is issued every 3 months for TDS on income from other sources. Form 26AS, on the other hand, is a government record of the tax deducted from an individual or company and deposited with the Income Tax Department.

How can I check my TDS deposited by Deductor?

How To Check TDS Status By Pan Card?

1. Visit www.tdscpc.gov.in/app/tapn/tdstcscredit.xhtml.
2. Key-in the verification code.
3. Click on ‘Proceed’
4. Enter the PAN and TAN.
5. Select the financial year as well as the quarter and the type of return.
6. Click on ‘Go’
7. The details will be displayed on the corresponding screen.

Who will issue TDS certificate?

Form 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. These certificates provide details of TDS / TCS for various transactions between deductor and deductee.

Why form 26a is required?

has considered such sum for computing income in such return of income; has paid the tax due on the income declared by him in such return of income; and the person has furnished a form as prescribed in Rule 31ACB of Income Tax Rules to this effect from an accountant, i.e., chartered accountant.

How do I fix error in form 26AS?

Rectification of error in Form 26AS depends on the cause of the error. For instance, if the deductor (employer or bank) has made a mistake while depositing your tax against your PAN with the government, then in such a case, you need to contact your deductor to rectify the mistake.

How do you check if TDS has been deposited?

Check TDS Online

1. Step 1: Go to https://incometaxindiaefiling.gov.in/
2. Step 2: Register and Login to the portal.
3. Step 3: Go to ‘My Account’ tab and click on view Form 26AS (Tax Credit)
4. Step 4: Select year and PDF format to download the file and proceed further.
5. Step 5: Open the downloaded file.

Do I have to pay TDs to a builder?

Not 10L.) to builder and 1L TDS is to be paid by you. Parallely, hire a tax consultant / lawyer and explain him/her the situation. They can help you the best as knowledge of law is required to handle such cases. It is your liability to pay TDS, But as you had not you can request to builder for refund.

Why TDS certificate is not issued to deducted tax deductor?

In the present e-filing scenario TDS certificate (Form 16 and Form 16A) can only be issued if the amount is deposited by the deductor to Government. So, in this case if the tax gets deducted but is not deposited to the Government by the deductor no certificate can be issued to the deductee.

Did the employer deposit TDs with the government revenue?

However the employer did not deposit such tax with the Government revenue. The petitioner raised the demand of such TDS in his liability to pay tax to the Government. The Department however objected to this and raised equivalent tax demand with interest.

What is the meaning of TDs in construction?

TDS stands for Tax Deducted at Source. This means, instead of you paying the amount in full to builder and builder paying the tax, you pay to builder the amount minus tax and then pay the balance (i.e. tax amount) to government directly. Instead of A pays to B and B pays to C, now A pays directly to C.