Here’s How You Can Check If Your TDS Is Actually Going To The Government
If you are someone who is a working person and get salary every month, then you surely must have come across the term TDS. TDS basically stands for tax deducted at source. It was introduced with a sole purpose to collect tax from the very source of income.
Your employer deducts your salary and then pay the deducted amount to the government against your Permanent Account Number and into the account of the Central Government.
The government uses TDS as a tool to collect the tax to minimise tax evasion. The deductee from whose income tax has been deducted at source would be entitled to get the credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.
Employers deposit tax deducted at source on a quarterly basis, and usually Form 16s are issued after the end of a financial year. Now, you might think that it is no big deal since the tax is deducted at source and it is not your headache as to what happens to it after that.
But if somehow your deposit is not received by the government, then I-T Department will issue you a notice of discrepancies in Form 16 and Form 26AS. This is why an employee should be familiar with the way to check how the TDS really reaches the government and all about the process.
Since the TDS deposited is linked to your PAN, so you can easily check if it has been deducted and verified through Form 26AS. Follow this process to know about the TDS Deduction:
-To check YOUR TDS Deduction, the first thing you need to do is visit the income tax e-filing website.
– Login to the income tax filing website using your login and password.
– Then on the right click on the View Form 26 AS tab, which will directly land you to TRACES website.
– After landing on the website now you can download the Form 26As by just clicking on Tax Credit (Form 26As option).
– Pan holder can also download Form 26As, only those who have the net banking account with participant banks. You just have to log in to your bank’s internet banking website and click on the option provided to view Form 26AS.
– All taxpayers should update their correct and active mobile numbers in their e-filing account. The update need to be done due to the fact that taxpayers will receive information about the TDS deposited through SMS alerts.
– Ensure that a correct PAN number is provided to your employer. Any kind of discrepancy should be informed to your employer immediately and a revised form 16 should be issued.