To claim the credit of TDS, the deductee has to mention the details of TDS in his return of income. TDS Deductee should take due care while mentioning the TDS details in the return of Income. If any incorrect detail's provided by the deductee, then tax credit discrepancy will arise of the time of processing the return of income and some can course problem in processing the returh income.
Who is TDS Deductee?
As per the schme of the Income Tax Act, in case of certain prescribed payments (e.g. Interest, commission, brokerage, rent, etc.) the person making the prescribed payments is required to deduct tax at source from such payments. In such a situation, the person making these payments has to pay the net amount after deducting the tax of prescribed rates. He is known as Deductor and the person receving the payment after deduction of Tax is called the Deductee.
Deductee should furnish his permanent account number (PAN) to deductor?
Every deductee should obtain a valied PAN (if not obtained) and should furnish the correct PAN to the deductor, if incorrect PAN is provided, then the deducted may be credited to incorrect account.
Dedictee to furnish the certificate of lower deduction or Form No. 15G/15H well in advance?
If any Deductee has obtain lower Tax deduction certificate from the Assession Officer or wants to furnish Form No. 15G/15H for non-deduction of Tax in prescribed case, then he should furnish the certificate/form to the deductor well in advance.
Deductee to obtain and preserved TDS Certificate issued by the Deductor?
Every deductee shall preserve the TDS certificate issued by the deductor. TDS certificate in respect of TDS on payments other than salary is issued on quarterly basis and in respect of TDS on salary on annual basis. If the TDS certificate is lost, the deductee can request form duplicate TDS Certificate.
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