Quick Method to Check TDS Status Online Using Your PAN Card

How to Check TDS Status Online Using PAN

Salaried employees are well acquainted with TDS, or tax deducted at the source because the Income Tax authorities have difficulty collecting tax from each individual individually. Because of this, companies pay salary payments and banks pay interest payments through single authorities.

During the filing of your income tax returns, you list various sources of earned income, including interest from investments, gifts, and capital gains. Having deducted TDS for a particular financial year, one needs to determine how much additional tax must be paid.

The first step to checking TDS status online is to understand how TDS tax might have been deducted from each receipt category in the respective financial year.

Calculate TDS from the salary
TDS on rent received
The tax deducted from the sale of a property
Non-resident individuals or NRIs are required to charge TDS when they provide services.

There is a possibility that TDS was deducted from these receipts. Today, you can check your TDS status online when you live in a digital era. India's income tax department provides a web portal that allows you to check it online.

In Form 16, employers provide employees with information about TDS deposits and deductions at the end of every financial year. Professionals and business persons who are not salaried can check their TDS status by following the below-mentioned steps through the e-filing portal.

Step 1

Click on the following link to access the income tax department's e-filing portal - https://eportal.incometax.gov.in/iec/foservices/#/login

In case you have already registered to the income tax portal or filed an ITR previously, you need to fill out relevant information like your PAN number and password. You will be required to use your PAN card details if this is your first time registering.

Your Aadhaar card can be linked with your registered mobile number or you can use your PAN number to register with an email address. You have completed the registration process in the portal once you enter the OTP you receive in the mobile number you registered.

Step 2

Logging in or registering for the income tax portal will allow you to access “My Account” where you will be able to access “Form 26AS” with all of your TDS details.

Step 3

Your assessment year must be entered on the next page. Assessed income is the income earned the previous year that must be taxed.

The financial year will be 2021-2022 if your earned income year ends on 31st March 2022, and the assessment year will be 2022-2023 if you have an earned income year that starts on 1st April 2021.

When you enter the assessment year, your TDS status will be displayed for that year. In some cases, you may be able to reconcile tax with TDS and sue for a refund if you have a valid argument to back it up.

Financial statements require reconciliation, regardless of whether you are an employee or a business owner. Keeping track of your contribution to the economy and saving of income tax that the government provides will be made easier by tax reconciliation. Every individual paying taxes has the right to request a refund.

Comments

GST: Assessees Must E-file Their Tax Returns by 30th Nov 2024 to Claim Pending ITC

If you are a GST-registered assessee you need to consider the due date to avail of any due Input tax credit or revised errors/omissions for the FY 2023-24 is November 30, 2024, via submitting the appropriate GST forms. Missing the due date can produce an outcome of a financial loss as the unclaimed ITC could not be used to offset your output tax obligation. What is the Method to Claim the Due ITC or Revised GST Errors for the FY 2023-24 It was stressed by the tax experts that the GST law specifies the procedure to claim the due ITC via GSTR-3B and amend errors in GSTR-1. Filing GSTR-1: Errors induced in GSTR-1 can be rectified by making amendments in the following GSTR-1 filings. Filing GSTR-3B: Via the GSTR-3B return the obligated ITC can merely be claimed. November 11, 2024, was the due date to submit the GSTR-1, and November 20, 2024, is for GSTR-3B without any penalty. Both the outcomes can be provided till November 30, 2024, as per the late fees. R...

How ITR Software Assists Individuals in Filing Tax Returns

Every assessee's process of income tax return (ITR) filing is significant, as it contributes to Indian's economy. The Income Tax Department has made efforts to facilitate this approach in recent years, but numerous people still see themselves steering a difficult financial system, multiple tax deductions, miscellaneous exemptions, and changing tax laws. This complexity can turn what must be an easy task into a significant challenge. In this context, income tax software evolves into an important partner, presenting a useful variety of accuracy, efficiency, and reassurance. The software enables return filing that permits taxpayers to handle their financial responsibilities when complying with the law. 1. Accurate Tax Calculations An incorrect income tax calculation of taxes could result in messages from the Income Tax Department or missed refunds. The tax software helps in finding taxable income and tax deductions that you may be allowed, like insurance or home loans. The co...

Major Income Tax Rule Changes to Simplify Return Filing

Income Tax Return Filing- The normal Income tax return filing due date for AY 2024-25 ended on July 31, 2024. On December 31, 2024, the due date to file a belated ITR with a penalty amount of Rs 5000 will end. The Income Tax Department after the July 31 deadline will provide different categories of taxpayers with specific deadlines to furnish income tax return filing (ITR) . For instance, the tax department has extended the ITR filing date for those who require the audit of their accounts from 31st October 2024 to 15th November 2024. Below we talk 5 amendments in the rules of the income tax concerning tax returns filing via the taxpayers. With New Form 26AS Improved Tax Transparency The introduction of the new Form 26AS furnishes the complete data to the taxpayer along with the details of tax deductions or collections at source, demands, payment of taxes, specified financial transactions (SFTs) and refunds. Also, the inclusion of SFT data assures that the taxpayers know about their tra...

SAG Infotech: Need Tax Software (Call 0141-4072000)

Search This Blog