If you are a taxpayer, then it is possible that you too may have received a message related to TDS from the Income Tax Department. People are getting troubled by this message, there are many people who do not pay taxes or do not come under the tax net. Some people are wondering whether they will have to pay more tax. However, you do not need to worry because this message does not at all mean that your tax amount has increased. Salaried class taxpayers across the country have received messages from the Income Tax Department regarding Total Tax Deduction (TDS). In this message sent as SMS, details of TDS deducted by the employer for the quarter ending December 31 and cumulative TDS for the financial year 2023-24 are given.
''The cumulative TDS by the employer of PAN xxx for the quarter ending 31st December is Rs xxx and the cumulative TDS for FY 23-24 is Rs xxx. See 26AS for details."
It is written in the message that the total TDS due from the employer on PAN xxx for the quarter ending 31st December is xxx and the cumulative TDS for the financial year 23-24 is xxx. See 26AS for details. The objective of the ITD team is to provide information about TDS deposited during the last quarter and the previous financial year.
However, it is possible that some taxpayers may have misunderstood this message and may be wondering whether they owe some tax to the department (Income Tax News). This SMS alert service was started by the Income Tax Department at the end of 2016 with the aim of informing taxpayers about their total TDS deductions.
You do not need to worry about these messages. This is only an acknowledgement in relation to the total TDS deposited during the last quarter (Q4) and the previous financial year. For the convenience of taxpayers, such messages are sent to them. Its objective is to provide information to taxpayers about their total TDS deductions. This message from the Income Tax Department will help you to match the details with the salary slip in your office.
Actually, if salaried individuals want to file an Income Tax Return (ITR) for the financial year 2023-24, then they will have to wait till June because this is the time when companies usually issue Form 16. According to the rules, companies have to issue Form 16 every year immediately after the financial year in which tax is deducted or before June 15. However, taxpayers wishing to file returns early can use the e-filing portal.
What is Form 16?
Despite this option, experts recommend waiting for some time so that Form 26AS and AIS are completely updated, making the process of filing an Income Tax Return easier. Form 16 is a certificate issued by employers, which contains the information required to file ITR. Form 16 contains details of TDS and Tax Collection at Source (TCS) for various transactions between the employer and the employee.
Meanwhile, the Income Tax Department has released online forms ITR-1, ITR-2 and ITR-4 for filing tax returns for the financial year 2023-24 (FY24) on its website. Now taxpayers can file income tax returns by choosing forms ITR1-4 on the portal.
Taxpayers can visit the online portal of the Income Tax Department to finalize their returns. The last date to file an income tax return (ITR) for FY24 is July 31, 2024.
