It's that time of the year when you think taxes. One of the most important things in taxes is the TDS or Tax Deducted at Source. Your employer deducts tax from your salary and pays it to the Government, on your behalf. You are given the Form 16, which is your income certificate. It contains details of your income and taxes paid on this income.
In this article you will learn how to avoid excess TDS deduction and also make sure, the TDS is deposited with the Government.
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You earn interest on your bank fixed deposits. If your estimated total income which also includes interest income, is most probably less than the basic exemption limit (Less than Rs 2,50,000 a year) in case of male/female below 60 years or (Less than Rs 3,00,000 a year) in case of senior citizens, you can submit the Form 15G, if you are below 60 years or Form 15H, if you are above 60 years, at the bank.
To avoid TDS on salary you can submit:
If your employer does not deposit the TDS deducted from your salary with the Government, you will get a notice from the IT Department. If you want to make sure that your employer has deposited the TDS with the Government, you can log in to the Income Tax Departments e-filing website, and check the TDS credit under your PAN, by viewing Form 26AS.
Form 26AS gets updated on a regular basis, as and when the deductor files quarterly TDS return. The Government has also launched a new initiative to intimate you and other salaried employees via SMS. You will get an SMS each quarter, vis-a-vis the TDS deposited with the Government by your employer. Be Wise, Get Rich.
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