Who Is Liable to Deduct and Pay TDS Under Income Tax Act?
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Under the Income Tax Act, anyone who is liable to make payment of specified nature should deduct tax at source (TDS) and deposit it with the government. This person is known as a deductor and the person who receives the payment after tax deduction is called the deducted.
The TDS rate is different for various types of payments and there are different threshold levels below which no TDS will be deducted. This is why it is important to check the TDS rates before you start filing your returns.
You can check your TDS credit by logging into your TIN (Taxpayer Identification Number) account on the official website of the Income Tax Department. Once you have logged in, you can click on the 'view form 26AS' tab to see your TDS credit. This is a statement which shows you the total TDS that has been deducted and deposited in your name for the previous years.
You can also find out if any TDS was not deducted by looking at your annual information statement or Form 26AS. If there is no TDS mentioned in your AIS or in Form 26AS, it means that you have not been paying any taxes and therefore no TDS was deducted on your behalf. In such a case, you can file for a refund of your TDS amount by submitting a tax return. To know more about this, read our article on how to claim your TDS refund.
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