Income Tax Update: If you have also received any message regarding TDS from the Income Tax Department, then do not panic and know what the meaning of that message is.
Some salaried class taxpayers across the country have received messages from the Income Tax Department regarding Total Tax Deduction (TDS). If you have also received such a message then do not panic. In this message sent as SMS, details of TDS deducted by the employer for the quarter ending December 31 and cumulative TDS for the financial year 2023-24 are given.
What was written in the message of the department?
It is written in the message that the total TDS due from the employer on PAN xxx for the quarter ending 31st December is xxx and the cumulative TDS for the financial year 23-24 is xxx. See 26AS for details. The objective of the ITD team is to provide information about TDS deposited during the last quarter and previous financial year.
However, it is possible that some taxpayers may have misunderstood this message and may be wondering whether they owe some tax to the department (Income Tax News). This SMS alert service was started by the Income Tax Department at the end of 2016 with the aim of informing taxpayers about their total TDS deduction.
Wait till June 15 to file returns
Actually, if salaried individuals want to file Income Tax Return (ITR) for the financial year 2023-24, then they will have to wait till June because this is the time when companies usually issue Form 16. According to the rules, companies have to issue Form 16 every year immediately after the financial year in which tax is deducted or before June 15. However, taxpayers wishing to file returns early can use the e-filing portal.
What is Form 16?
Despite this option, experts recommend waiting for some time so that Form 26AS and AIS are completely updated, making the process of filing Income Tax Return easier. Form 16 is a certificate issued by employers, which contains the information required to file ITR. Form 16 contains details of TDS and Tax Collection at Source (TCS) for various transactions between the employer and the employee.
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