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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?
TDS is an important component of your tax returns. Therefore, you must check for irregularities and bring it to the employer’s notice.