Income Tax News: If you have also received any message regarding TDS from the Income Tax Department, then do not panic and know what is the meaning of that message.
Some salaried class taxpayers across the country have received messages regarding Total Tax Deduction (TDS) from the Income Tax Department. If you also got such a message then don’t panic. This message sent via SMS gives details of TDS deducted by the Employer for the quarter ended 31st December and cumulative TDS for the financial year 2023-24.
What was written in the department’s message?
The message says that the total TDS from the employer on PAN xxx for the quarter ended 31 December is xxx and the cumulative TDS for the financial year 23-24 is xxx. See 26AS for details. The purpose of the ITD team is to provide information on TDS collected during the last quarter and previous financial year.
However, it is possible that some taxpayers may have misunderstood this message and started thinking that they owe the department some tax (Income Tax News). This SMS alert service was launched by the Income Tax Department in late 2016 to inform taxpayers about their total TDS deduction.
Wait till June 15 to file the return
Actually, salaried individuals have to wait till June to file their Income Tax Return (ITR) for the financial year 2023-24 because that is when companies usually issue Form 16. As per the rule, companies have to issue Form 16 every year on or before June 15 of the financial year in which tax has been deducted. However, taxpayers who wish to file returns early can use the e-filing portal.
What is Form 16?
Despite this option, experts advise to wait for some time so that Form 26AS and AIS are fully updated by then, making the process of filing Income Tax Return easier. Form 16 is a certificate issued by the employer that contains the information required to file ITR. Form 16 gives details of TDS and Tax Collection at Source (TCS) for individual transactions between employer and employee.
