TDS vs Income Tax: Income tax will have to be paid after TDS is deducted from salary? know what are the rules

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Featured Personal Finance TDS vs Income Tax: Income tax will have to be paid after TDS is deducted from salary? know what are the rules By Shyamu Maurya January 5, 2024 0 7 Share Facebook Twitter Pinterest WhatsApp Telegram TDS vs Income Tax: Income tax will have to be paid after TDS is deducted from salary? know what are the rules TDS vs Income Tax: The issue of tax is so complicated that even the common man cannot understand it. Sometimes there is talk of deducting TDS on your earnings and sometimes there is talk of paying income tax. In such a situation, the question arises whether these two are the same thing or different and whether both can have to be paid on the same income.

New Delhi . As soon as the new year begins, the hustle and bustle of saving taxes has started again. Your company may also be asking for proof of investment, so that tax can be calculated on your earnings.

By the way, you must have seen that your salary is paid after deducting TDS. Despite this, you have to file Income Tax returns. In such a situation, the question arises whether TDS and income tax are different things and whether you may have to pay both on the same income.

In this regard, tax expert and CA Prashant Jain says that TDS i. e. tax deducted at source is deducted at the source of your income.

It is fixed at the rate of 10 percent. Your company calculates your tax liability and deducts TDS even before sending the money to your account. Income tax is a tax levied on your total income, which you may earn apart from salary.

Income tax calculation starts when the money has come into your account. Will both be imposed on one income? Prashant Jain told that the company is already deducting TDS on your salary and sending it, so now you will not have to pay tax again on the money received in your account. Your company has already deducted the money from the account and deposited it to the Income Tax Department.

Income tax return is filed only to confirm this and to make a correct assessment of your tax liability. Obviously you will no longer have to pay income tax on your salary. When are both taxes levied? Experts say that after deducting TDS, your salary becomes tax free, but if you have earned any dividend or interest from investment.

If you have received interest on your savings account and have earned any separate income, then you will have to pay income tax on this income and that too as per your slab. Apart from this, you will also have to pay the difference between your slab and TDS. Suppose, your income falls in 20 percent tax slab.

But, TDS was deducted at the rate of 10 percent only. In such a situation, the Income Tax Department may demand the remaining amount excluding the basic tax deduction and then you may have to pay some income tax even after deducting TDS. Join Informal Newz Tags Income tax paying income tax TDS vs Income Tax Share Facebook Twitter Pinterest WhatsApp Telegram Previous article Old Pension Scheme: Big Update! Now these employees will get the benefit of Old Pension Scheme, know in which state it will be implemented Shyamu Maurya Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry.

He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.

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