Jaipur : ITR Filing 2024: Do you have to pay income tax even if your TDS is deducted? Tax is deducted at source on many types of income. After that payment is made to the taxpayer. This is called TDS. The company deducts tax every month from the salary of the employed people. It deposits it with the Income Tax Department. Complete information about TDS deducted from the income of taxpayers is in Form 26AS and AIS. The deadline for filing income tax returns is near. In such a situation, the question is running in the minds of many taxpayers that even after paying tax through TDS earlier, will they have to pay tax? To know the answer to this question, it is important to understand TDS properly. When you get income, a part of it is deducted at the time of payment. That is why it is called TDS.
What is TDS?
Suppose you have received interest of Rs 1 lakh from your fixed deposit in the bank. Before giving this interest amount to you, the bank will deduct a part of it and deposit it with the Income Tax Department. In this way, a part of your tax liability has been deposited with the government. When you file your return after the end of the financial year, you get its credit. TDS information in Form 26AS and AIS Income from many sources comes under the purview of TDS. You can see your TDS deposited with the Income Tax Department in Form 26AS and Annual Information Statement (AIS). In these, you will get information about TDS deducted from your salary, dividend, interest, commission and other income. The question is, if TDS has been deducted from your income, will you have to pay tax?
Do you have to pay tax even if TDS is deducted? The answer to this question depends on many things. These include information about your income and deductions, which you may not have declared to your employer. Apart from this, you may have some sudden income during the financial year. You may suffer losses from shares while trading in the stock market during the financial year. The total tax liability of taxpayers is not met through TDS. Through this, the government only keeps track of the income and revenue of a taxpayer.
If you want to know whether you need to pay tax even after TDS, then you have to first calculate your total income and then see how much tax is due on it. For this, first of all you have to add the income from all sources. After this, deduction on health policy premium, life insurance policy premium and home loan interest has to be calculated. By subtracting the total deduction from the total income, you will get taxable income. Then you can calculate tax on it according to the new regime of income tax or the old regime. After this, you have to see the total TDS deduction in Form 26AS and AIS. If your total TDS is more than your tax liability, then you will get a refund. If your total deduction is less than your tax liability, then you will have to pay additional tax.
