Income tax returns (ITR) filing: All set to pay tax? Know this first

Aug 02, 2018, 16:59 PM IST
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Income tax returns (ITR) filing last date has been extended from July 31 to August 31, 2018. However, before you proceed to file income tax returns, if you are an employee and have had tax deducted at source, you have to first know what are the duties of the person deducting tax at source so that you are not put at a loss. Just remember if you know the basic duties of the person who is liable to deduct tax at source, then you can't go wrong. 

 

 

 

1/5

He shall obtain Tax Deduction Account Number and quote the same in all the documents pertaining to TDS.

 

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2/5

He shall deduct the tax at source at the applicable rate.

 

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3/5

He shall pay the tax deducted by him at source to the credit of the Government (by the due date specified in this regard*).

 

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4/5

He shall file the periodic TDS statements, i.e., TDS return (by the due date specified in this regard*).

 

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5/5

He shall issue the TDS certificate to the payee in respect of tax deducted by him (by the due date specified in this regard).

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