Who Is Liable to Deduct and Pay TDS Under Income Tax Act?


Who Is Liable to Deduct and Pay TDS Under Income Tax Act?

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TDS is a process whereby tax is collected at the source itself. This reduces the burden on individuals as well as the Tax Collection Agencies. This is done on a wide range of transactions including interest on fixed deposits and recurring deposits, rental income from property, etc.

The person responsible for making any payment should deduct TDS if the amount payable exceeds the threshold limit. The threshold limits are different for each type of transaction.

If you receive payment from a non-individual entity and are liable to deduct TDS, then it is essential that you obtain the PAN details of the individual/HUF. This will help you to file your returns and prevent any issues with TDS deductions in future.

In case of a salaried class, the employer is liable to deduct TDS from your salary. They are required to provide you with Form 16 which contains details of the computation, deduction and payment of TDS. This information is also reflected in your Annual Information Statement (AIS) which was introduced by the Income Tax Department in 2021.

If you think that the TDS deductions made by your employer or a vendor have been incorrect, then it is important to report this issue to the income tax department. You can do this by submitting a TDS discrepancy application along with all the necessary proof of your claims.

 

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