Income Tax Filing: Why should you file the income tax return even after paying TDS?
2 years, 4 months ago

Income Tax Filing: Why should you file the income tax return even after paying TDS?

Live Mint  

As the deadline to file income tax return on July 31 comes closer, tax payers are advised to file their returns on time so that they don’t have to pay any fine for the dues later on. And merely because you have already paid tax deducted at source, it does not mean that you do not need to file an income tax return. So, tax return is a statement where you declare all the income earned during the year and assess the tax liability on it and ensure that it is paid to the income tax authority. “Even if TDS has already been deducted on your income during the year by your employer or bank, it doesn’t mean you don’t have to file the tax return. In such a case, when you calculate the tax liability at the time of filing of return, it could turn out to be lower than the tax already paid via TDS.

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History of this topic

ITR filing: The intricacies of an income tax refund that taxpayers must be aware of
1 year, 4 months ago

ITR filing: The intricacies of an income tax refund that taxpayers must be aware of

Live Mint  

Not many days are left for taxpayers looking to file their income tax returns. When taxpayers’ total tax payments exceed their tax liability, they become eligible for an income tax refund, including taxes like Tax Deducted at Source, Tax Collected at Source, and Advance Tax paid by the taxpayers. The interest earned on an income tax refund is categorized as …

Here's why you need to still file your income tax return after paying TDS
2 years, 4 months ago

Here's why you need to still file your income tax return after paying TDS

Firstpost  

TDS is the tax deducted at source and represents only a part of the income tax that you are liable to pay, if you are above the exemption limits set by the government Tax deducted at source or TDS is one thing all of us have come across while filing our income tax return. TDS is the tax deducted at …

Income tax: Things to do before the financial year draws to a close
2 years, 9 months ago

Income tax: Things to do before the financial year draws to a close

Live Mint  

It's that time of the year when taxpayers must tie all loose ends before the financial year comes to an end. When you calculate income tax liability and it is estimated to be Rs 10,000, you are liable to pay advance tax before the last date. In case taxpayers have earned income through other sources such as capital gains, interest …

Income Tax Return: These Taxpayers May Have to Pay Double TDS from Next Month
3 years, 6 months ago

Income Tax Return: These Taxpayers May Have to Pay Double TDS from Next Month

News 18  

Starting from July, some taxpayers may have to pay Tax Deducted At Source at higher rates. According to Finance Act 2021, if a taxpayer has not filed TDS in the last two years and TDS deducted each year exceeds of Rs 50,000, the Income Tax department will charge more while filing the income tax returns from July 1. Where the …

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