According to the Indian Income Tax Act, any working individual or a business entity making payment is required to deduct tax at source, if it is found to be exceeding the prescribed threshold. The individual who makes the payment is called a deductor and the one who receives is the deductee. TDS is deducted at the rates and is governed by the Central Board for Direct Taxes (CBDT) Department of Revenue managed by Indian Revenue Service.
The types of payments where TDS is deducted, include monthly salaries, rent payment, interest payment by banks, commission payment, consultation fees and professional fees.
TDS Returns is a quarterly statement, consisting of the details of the deductor and deductees, that are submitted to the Income tax department.
The status of the TDS returns can be checked through PAN card and Form 26AS and also through the net banking portal.
Step 1: Visit tdscpc.gov.in/app/tapn/tdstcscredit.xhtml
Step 2: Enter the verification code
Step 3: Click ‘Proceed’
Step 4: Fill the details of PAN and TAN
Step 5: Select the financial year, the quarter and the type of return.
Step 6: Select the type of return which falls under different categories of taxpayers. Some of them are as follows –
Step 7: Hit ‘Go’
Step 8: The details will be displayed on the corresponding screen.
Step 1: Visit incometaxindiaefiling.gov.in/home
Step 2: Complete the registration process
Step 3: If registered previously, then enter the login credentials
Step 4: From ‘My Account’ select ‘View Form 26AS’
Step 5: Select the ‘Year’ and ‘PDF format’
Step 6: Download the file
Step 7: The file will be secured with a password which is the tax payer’s date of birth
Step 1: Download the authorised net banking application
Step 2: Register on the net banking application
Step 3: Link the bank account registered with the PAN card
Step 4: View the status of TDS returns via the bank statement or record of such account through which the tax is paid. Or the bank account could be registered with the Income Tax department.
Find the Procedure for online TDS payment.