The last date for filing of IRCAR returns for the financial year 2019-20 is now a few days in December 31. In such a situation, if you are going to file your return, then additional TDS is deducted, then do not forget to claim.
Tax deducted at source i.e. TDS payment or deposit whichever is earlier is deducted at that time. Many times, TDS is deducted from the taxpayer in excess of the actual taxability. Tax experts say that in such a situation it is necessary to file income tax returns to get the additional TDS deduction. The Income Tax Department does not automatically refund the additional TDS deduction.
In this way, understand from the example,
if a person has sold a property worth Rs 50 lakh, then according to the rule of income tax, it is necessary for the buyer to deposit one percent after deducting TDS. The property buyer has to fill 26 QB forms and submit TDS deduction. After that he has to give Form 16B to the seller. If the seller wants to claim TDS deduction, then he will have to be a Form 16B. There are many incomes on which TDS deduction is applicable under Income Tax Act like salary income, interest income, payment of rent by some individuals etc.
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Form 26AS Form 26AS is your annual tax statement. You can download it from the income tax department website with the help of your PAN number. If you have paid tax on your income or any person / institution has deducted tax on your earnings, then you also get a mention of it in Form 26AS. Form 26AS not only contains information about the tax paid to your government, but if you have paid more tax and you want to file a refund, then it is also mentioned in it. If you have received income tax refund in a financial year, then it also has a description.
The advance tax is
deducted in advance TDS is paid on the payment or credit that occurs earlier. TDS is also deducted if you have advance income for the next financial year. However, TDS deduction can be claimed for the same financial year under the Income Tax rule. In such a situation, TDS deduction on advance income is carried forward to the next financial year. The taxpayer can claim TDS deduction while filing the return in the next financial year.
The column is given in the Income Tax form. In the Income
Tax Return Form, two columns are provided for tax deduction at source (DTS) and without tax collection at source (TCS). Taxpayers can input details in these columns.
