How to Check TDS Amount Online?

TDS or Tax Deducted at Source is income tax reduced from the money paid when making specified payments such as rent, commission, professional fees, salary, interest, etc., by the persons making such payments. Usually, the person receiving income is liable to pay income tax. But the government, with the help of Tax Deducted at Source provisions, makes sure that income tax is deducted in advance from the payments you make. The recipient of income receives the net amount (after reducing TDS). The recipient will add the gross amount to his income and the amount of TDS is adjusted against his final tax liability. The recipient takes credit for the amount already deducted and paid on his behalf. This will help the government to collect the taxes in advance and to track the transactions in an effective manner.

You might often wonder, "How do I check my TDS amount?" or "Is there an easy way to keep track of my TDS deductions?" This article will show you how to check your TDS amount online, which will help you pay your taxes.

Importance of Checking Your TDS Amount

Keeping in tune with your TDS amount is essential for several motives: 

• Tax Planning: If you know how much TDS has been deducted, you can estimate how much tax you would have to pay and how you can reschedule your purchases or use tax-saving techniques.
• Claiming Tax Credits: TDS can be claimed as tax credits, i.e. you can deduct the TDS amount from the total tax liability to get the net liability. You may also receive a refund if TDS is more than the tax liability.
• Avoiding Notices: If there is any discrepancy in TDS deductions, the IT department might send you a notice. So, regularly checking the TDS amount allows individuals and businesses to rectify any errors or discrepancies proactively, minimising the risk of any notice. 

How to Check the TDS Amount through the Income Tax Portal

The following steps are to be followed to determine the TDS amount deducted under your PAN through the Income tax portal:

Step 1:  Login on the e-filing portal 

Step 2: On the dashboard, click ‘e-File’ > ‘Income tax returns’ > ‘View Form 26AS’

Step 3: You will be redirected to TRACES. A pop-up will appear. In it, tick the box to agree to use and accept Form 16/16A generated from TRACES and click on ‘Proceed’.

Step 4: Click on the ‘View Tax Credit (Form 26AS/Annual tax statement)’ to view your Form 26AS/Annual tax statement.

Step 5: Select the Assessment Year for which you want to download your 26AS. To download the PDF, please view it as HTML and then click on the ‘Export as PDF’ button. 

Important Details Available in the TDS Statements

The important details available in the TDS statements are:

1. Tax deducted at source 
2. Tax collected at source
3. Refund details
4. Information concerning TDS defaults and statement processing.