Tax Deducted at Source or TDS is levied on individuals who hold fixed deposits at banks as well as for those who are salaried employees. TDS deductions are carried out for salaried professionals in a smooth and efficient manner by the employer himself.
For fixed deposit holders it is deducted by the bank authorities with deductions being made from the interest that is earned from the amount of money invested in a fixed deposit scheme. TDS returns are tax returns that can be filed online on the income tax department’s website and once the tax filing details have been uploaded the TDS statement filed can be easily viewed by the tax payer.
To know more about how the TDS Statement filed can be viewed on the income tax website there are a number of important points that need to be kept in mind.
TDS Deductions for Employees
- The TDS deductions are carried out for salaried individuals in every financial year.
- The deductions are made by the employer or director of the institution during any financial quarter.
- TDS implies that the tax is deducted from the salary of the employee first even before he receives it.
- The amount of tax deducted from a person’s salary ranges between 10% and 20% depending on whether the person being taxed has disclosed his PAN number or not.
- If his PAN is not divulged he is bound to face a TDS deduction of 20%.
- The TDS deduction rates are generally based upon the income tax slab for a particular financial year.
TDS Deductions for Deposit Holders
The tax deducted at source for fixed deposit holders is carried out by bank authorities at the rate of 10% provided that PAN details are made available to them. Apart from fixed deposits, those who invest their money in recurring deposits may also face a TDS deduction.
The TDS deduction on bank deposits is made at the end of the financial year and the deposit holders can file TDS returns if their TDS dues have been cleared on time.
TDS Deductions are Filed Online
- A well known feature of TDS deductions is that these are taxes that are always filed online.
- The process of filing TDS deductions is not a long drawn out one and it can be completed within 15 to 20 minutes at the most.
- We offer our customers with the service of getting their TDS deductions filed on the IT website in a timely manner in order for them not to be faced with any liabilities at the end of the last financial quarter.
- Once the TDS deductions have been filed by us on behalf of our customers we provide them with a record of all the necessary details that they would need in order to be able to file TDS returns at a later date.
- In fact, filing TDS returns is also something that we offer to do for our customers, with this being carried out a few months after the TDS deductions having been filed online.
How to View Filed TDS Statements on the IT Website
Log into E-Filing on IT Website
In order to view the TDS statement filed on the income tax website, the first step that needs to be taken is to log into e-filing. Thereafter one has to go to TDS and click on View Filed TDS.
Fill up Form with Required Details
A form will be provided and details shall have to be selected from drop down boxes, such as the relevant financial year, quarter and form name for which TDS returns had been uploaded. Once this has been done, the option “View Details’ will have to be clicked upon.
TDS Returns status will be displayed and uploaded file will be validated
- The status of TDS returns filed shall be immediately displayed. Once it has been uploaded the statement status will show as “uploaded”.
- This uploaded file shall then be processed as well as validated. When the validation process has been completed, status will show as the file having either been rejected or accepted.
- This will be reflected in the system within 24 hours since the upload being carried out online.
System will show if File Upload is Accepted or Rejected
If the file upload is rejected then the reason for such a rejection having taken place shall also be displayed. In case of a rejected status, the Token number can be clicked upon in order to view the details of the rejection.
If the file upload is accepted, then also the Token number can be clicked in order to view Statement Details. Thereafter, a provisional receipt may be downloaded.
Important Things to Remember when Looking at TDS Statements Online
Care should be taken to Log out of the Website on Time
One of the most vital things that need to be borne in mind when checking TDS states online is to log out of the portal in a timely manner. A lot of personal and financial information will have to be submitted in order to log in, in the first place. Hence care should be taken to log out completely after the TDS statement has been viewed, for reasons on security.
We take every care to ensure that the privacy of our customers is well protected well we help them to view their TDS Statements Online or view these on their behalf.
TDS Statements should be viewed online at Odd Hours to avoid Heavy Website Traffic
Checking TDS Statements online should be something that is ideally done in the early hours of the morning or in the late hours of the night. This is when the income tax department website’s traffic is comparatively low and chances of logging in and viewing TDS information in a smooth and hassle free manner are more likely possible.
High Speed Internet must be used when viewing TDS Statements Online
When TDS Statements are viewed online one should make sure that one is using high speed internet. The website of the income tax department can take a very long time to open and display information if the internet speed is slow.
Why is it Important to have a PAN for Filing TDS
- It is absolutely imperative to have a PAN or Personal Account Number in order to be able to file TDS in any financial year and in any financial quarter.
- While the normal rate at which TDS deductions are carried out is 10% this is increased to 20% for those who are unable to reveal their PAN details.
- Tax payers thus end up spending more money than usual if they are not able to disclose PAN and related information to their banks or employers.
- Having a PAN is necessary in order to be able to access Form 26AS.
- This is a form that reveals a tax credit statement showing all deductions that have been made from the income of the tax payer as well as the deductions made from deposits held if any.
Professionals and investors earning Below the Tax Limit don’t have to pay TDS
There are a number of individuals who may be exempted from any TDS deductions in the first place. Firstly, people who earn money that amounts to a sum below the taxable limit of 250000 do not have to pay TDS. Such people may not even have to own a PAN as paying tax is not necessary for them.
TDS Exemptions for Mutual Funds Investors
- People who invest in mutual funds online can also be exempted from TDS deductions.
- The mutual funds that are invested in, in this regard should be those that are offered by financial institutions of repute in India and should have a lock in period of three years at least.
- Ideally, those looking to avoid TDS deductions should invest in long term equities as the benefits are more long lasting.
- For those investing in mutual funds to avoid TDS deductions, care should be taken to provide the investment receipts to the employer or to the bank officials as early on in the financial year as possible.
- The receipts preferably receipts of SIP payments will serve as proof of the fact that the tax payer has indeed invested in equities and is therefore eligible for exemption from TDS deductions.
Thus viewing TDS Statements online after filing TDS can indeed be done in a smooth and hassle free manner by one and all. The TDS statements displayed can be easily printed for those looking to keep a record of such information for the long term.
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