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Tax Deducted at Source (TDS) falls under the ambit of the Indian Revenue Services i.e IRS. It is a form of tax that is collected by the Indian Government and is managed by the CBDT i.e. Central Board of Direct Taxes.
TDS that has already been paid can be checked by downloading from 26AS from the site of the income tax department.
TDS will only be deducted if the threshold limit for the payment is crossed. For eg: If the interest from any bank doesn’t exceed Rs. 10,000 from a single bank in one year then there is no need to deduct the TDS or the salary of a person below the taxable limit.
The due date to pay the TDS is the 7th of every succeeding month and a return has to be filed quarterly by the following dates. For the financial year 2020-2021, the due dates are:
The TDS certificate will be given in:
For the late filing of TDS return, there is a penalty of Rs. 200 per day or the amount of TDS payable whichever is lower out of the two.