1113(Income tax) When deductor deducts TDS , what does it conceptually signify (Important)? Project - Make Knowledge Free Case Methodology - Harvard Case Methodology Video Link - https://youtube/watch?v=RPCqQ8AQGus Narration - By Amlan Dutta Against salary income of 10 lacs , my company deducts TDS under section 192 at 133900 as per income slabs .What does it conceptually signify ? What it means is that using one of its TAN registration DELB0000F5 , deductor (LNT) has collected from my salary head amount of 133900 and deposited it to the revenue ! When it files its TDS return 24 Q(salary )properly mapping such collection against my PAN , and such records get updated properly , this starts appearing in my tax credit statement (Form 26 AS) Hope this makes perfect sense ....when i at the end of the year decide to file return , i know that i am due foe tax liability as per slabs on my total income . At that time i can take credit of such taxes that have been alrteady deducted as TDS against my account .So in the return under tax credit tab , under Ssalary TDS schedule only , i will claim this tax credit where putting details i am trying to simply that i am perfectly authorised to take credit for 133900 rs aghainst TAN registration of DELB000BF which has been collected by deductor and deposited to the revenue ...(U/s 192 ) The deductor could have done for non salary (bank interest under section 192 , professional feeds under section 194 J ) but the concept of TDS deduction by the deductor and subsequently taxpayer availing tax credit later on r remains the same ! Hope the tut explains this important conceot ! Cheers , Amlan Dutta
Posted on: Thu, 25 Dec 2014 13:16:58 +0000
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