Sponsored
    Follow Us:
Sponsored

Guidelines for Income Tax Deductees

Tax Deductees

ensure you have correct tax credit!

Tax deductee is a person who receives certain prescribed payments like salary, interest, commission, brokerage, rent etc. after deduction of tax at source

Tax deductee should always ensure to:

  • Obtain and intimate the correct PAN to the deductor
  • Furnish Form No. 15G/15H or certificate for no/lower deduction well in advance to the deductor
  • Obtain a valid TDS certificate from the deductors downloaded from TRACES (https://www.tdscpc.gov.in) bearing a seven digit unique certificate and Traces watermark
  • Log on to e-filing / TRACES portal and cross check the TDS credit in Form No. 26AS with the TDS certificate issued by deductors
  • Claim correct amount of TDS and mention correct TDS certificate number while filing the return of income
  • In case of TDS on sale of immovable property, ensure that the buyer deducts TDS at the prescribed rate if the value of sale is Rs. 50 lakh or more, the buyer deposits the amount so deducted within one month and also uploads challan cum statement (Form No. 26QB) on the TRACES website

In case of missing credits, check/ensure:

i. Correctness of PAN intimated to deductor

ii. Deductor has deposited the tax deducted at source

iii. Deductor has uploaded quarterly TDS/TCS Statement with correct PAN

iv. If required, raise a grievance at “Taxpayer Grievance Module” on TRACES website

Guidelines for Income Tax Deductees

Sponsored

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Your email address will not be published. Required fields are marked *

Sponsored
Sponsored
Search Post by Date
July 2024
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031