What is TDS related to PAN?

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Tax Deducted at Source (TDS) is directly linked to the Permanent Account Number (PAN) in the Indian tax system for tracking, compliance, and verification of tax payments. The PAN is essential for ensuring that the correct amount of tax is remitted to the government and credited to the taxpayer's account.

What is TDS on PAN card?

Checking the status of your Tax Deducted at Source (TDS) using your PAN card is an essential step to ensure that the correct amount of tax has been deducted and deposited against your income. This process helps taxpayers keep track of their tax liabilities and ensures compliance with tax regulations.

How to calculate TDS with PAN number?

Simple Steps to Check TDS Status by PAN Card

  1. Also Check: Track UTI NSDL PAN Card Status Online.
  2. Step 1 - Visit official website .
  3. Step 2 - Log in or register with PAN.
  4. Step 3 - Click on 'Proceed'
  5. Step 4 - Enter the PAN and TAN.
  6. Step 5 - Select the financial year as well as the quarter and the type of return.

What does total TDS by employer of PAN mean?

TDS deductions are directly linked to the PAN, hence all the TDS amount will made available in the Form 26AS. It can used to claim tax credit against the total tax liability while filing the annual income tax returns along with Advance taxes and self-assessment taxes.

What is the TDS rate for PAN card?

5 things to know about the PAN card rule

2) Your employer will deduct TDS at a rate of 20% or even more if you fail to give the information for your PAN card.

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Is a PAN card mandatory for TDS?

Section 206AA of the Income Tax Act makes it compulsory to provide a valid PAN (Permanent Account Number) when receiving income on which TDS (Tax Deducted at Source) applies. If PAN is not furnished, TDS will be deducted at a higher rate—20% or the applicable rate, whichever is higher.

Can I claim TDS refund?

When your employer deducts more than the income tax payable: In case your taxable income is below the basic exemption limit, you can avoid TDS deduction from your salary. If the actual tax payable is less than the TDS, you must file Income Tax Return (ITR) to claim TDS refund.

Is TDS 100% refundable?

Q- Is TDS 100% refundable? The amount of TDS refund you receive depends on the amount of tax liability you have. For example, if your income is not taxable, still your TDS was deducted, and you might be eligible for a 100% tax refund.

How much TDS is deducted on a 70,000 salary?

Therefore TDS on Salary would be 9.56% of Rs. 70,000 i.e. Rs. 6695 would be deducted every month as TDS on Salary.

How to claim TDS refund from PAN card?

Step-1: File your income tax returns wherever there is extra tax paid under the TDS head. Step-2: Fill in the required bank account details. Step-3: After the returns have been filed, wait for a few months. Step-4: Your returns will be processed by the officials and your refund will be initiated.

How much TDS is deducted on a 60,000 salary?

Here's how TDS is calculated: Annual Income = ₹50,000 x 12 = ₹6,00,000. Tax Liability (as per slabs) = ₹60,000. TDS Deducted Monthly = ₹60,000 / 12 = ₹5,000.

How does TDS affect my tax return?

There's no specific form or process to claim TDS refunds. You usually just need to file your income tax return. If the TDS deducted from your salary is more than your actual tax liability, the excess amount will be due as a refund and reflected in your return.

What happens if TDS is not paid?

Levy of Interest: Any individual who is liable to deduct TDS but fails to deduct it wholly or partly, or does not pay it to the government, will be subject to pay interest. The interest rate is: One percent per month or part of a month on the TDS amount from when TDS was to be deducted.

How can I avoid paying TDS?

Lowering your tax liability to claim a refund of excess TDS

  1. A low tax liability can make you eligible for the refund of excess TDS deducted from your income. ...
  2. Invest in a health insurance plan. ...
  3. Use NPS for retirement planning. ...
  4. Donate to the causes that you believe in. ...
  5. Submit Form 15G/H to avoid TDS.

How to claim TDS during ITR?

Step 4: Fill in TCS details in your ITR

  1. Navigate to the "Taxes Paid and Verification" section.
  2. Look for the "Details of Tax Collected at Source" subsection.
  3. Enter the details from your TCS certificates or Form 26AS.
  4. The system will automatically calculate your tax credit.

How do I know my TDS amount?

How do I check my TDS amount online? To check your TDS amount online, log in to the Income Tax e-filing portal using your PAN credentials. Go to 'e-File' > 'View Form 26AS'. Select the relevant assessment year and download the TDS statement to view the deductions made against your PAN.

How is TDS calculated for NRI property sale?

TDS on sale of property by NRI must be deducted by the buyer under Section 195 before making payment. As per Budget 2024, the TDS rate on purchase of property from NRI (Section 195) is 12.5% for LTCG and as per slab rates for STCG, with no indexation benefits.

How much TDS is tax free?

40,000 per year is exempted from TDS deduction. This means if the interest earned on Fixed Deposits in a financial year is up to Rs 40,000, no TDS on interest on Fixed Deposit is deducted. This limit is Rs. 50,000 for senior citizens.

Is TDS refunded automatically?

The only way to get a TDS refund is by filing your ITR for the relevant financial year. Inside the return form, enter your income, deductions, and the TDS already deducted. If your tax liability is lower than the TDS deducted, the difference becomes your refund automatically.

What are the common mistakes in TDS?

TDS Filing Software: Avoid These 7 Common Mistakes for Accuracy

  • Using Outdated or Non-Compliant TDS Filing Software. ...
  • Wrong PAN, TAN, or Section Mapping During Data Entry. ...
  • Delayed Payment or Late Return Filing. ...
  • Challan Errors or OLTAS Mismatch. ...
  • Missing or Late Generation of Form 16 / 16A.

How do I cancel TDS?

If you want to discontinue services, please call 1-888-CALL-TDS (225-5837).

Who is eligible for a TDS refund?

Here's who can benefit: Salaried Employees: If your employer deducted more TDS than necessary, you can claim a refund when filing your ITR. Freelancers & Self-Employed Individuals: If clients deducted 10% TDS from your payments, but your actual tax liability is lower, you can get a refund.

How can NRI claim TDS refund?

To claim a refund of the TDS Deducted, the NRI would be required to file an income tax return in India after the end of the financial year. While filing the Income Tax Return, the NRI would be required to self compute his income and the income tax liability as per the slab rates.

Can I get a refund after 3 years?

You can't get a credit or refund if you don't file the claim within 3 years of filing your original return, or 2 years after paying the tax, whichever is later, unless you meet an exception that allows you more time to file a claim.