Kotak e-Term Plan
Kotak e-Term Plan provides a high level of protection to your loved ones in your absence.
Kotak Guaranteed Savings Plan
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality.
Kotak E-Invest
Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs.
Kotak Health Shield
Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability.
Kotak Lifetime Income Plan
Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime!
TDS refers to tax deducted at source. This is the tax that the employer deducts from the salary of an employee before transferring the money. The TDS is then submitted to the government with the Tax Account Number (TAN) of the employer. This TDS reflects against your PAN (Permanent Account Number) and shows up at the time of filing your income tax return (ITR). In case the employer does not submit the TDS to the government, the excess tax can show up when you file your ITR .
How to check if the employer has not deposited your TDS?
The TDS that the employer deducts shows up on your Form 26AS. When the employer deducts tax from your salary, they also issue a TDS certificate or Form 16/ Form 16A. You can compare the information on Form 16 with Form 26AS to check if the amounts match. If there are any discrepancies, they will reflect here.
If your employer does not issue a Form 16, you can check your salary slips.
What are the reasons behind discrepancies in Form 16 and Form 26AS?
There could be discrepancies in Form 16 and Form 26AS for the following reasons:
What to do if the TDS amount does not match?
If the TDS amount does not match, you can do the following:
Who pays the tax if TDS is not deposited with the government?
In case of any TDS dues, the liability to pay the tax falls on the employer and not the employee. Since the tax is deducted on the source before the payment reaches the employee, it is the employer’s responsibility to file a TDS return on time.
The Central Board of Direct Taxes (CBDT) can also charge a penalty to the employer for not depositing the government’s tax on time.
What can employees do on their part?
Conclusion
TDS is an important component of your tax returns. Therefore, you must check for irregularities and bring it to the employer’s notice.
Ref. No. KLI/22-23/E-BB/492
