How to Check TDS Status by PAN Card: Process Explained

tax returns — (source: maxlifeinsurance)

The timely payment of TDS or Tax Deducted at Source is one of the pivotal financial transactions that affect the tax payment structure of an individual. Moreover, TDS is one of the vital incomes of the government. Thus, whether a salaried individual or self-employed, everyone must contribute a portion of their income as TDS.

However, as taxpayers, how to know whether the TDS has been deducted and when can you claim a return? This article provides a comprehensive guideline on how to check TDS status by PAN card and other means.

What Is TDS or Tax Deducted at Source?

Tax Deducted at Source or TDS in Income Tax is an amount deducted from the nature of payment like commission, rent, salary, and interest received. The individual who is making the payment is vested in deducting the tax amount at source on behalf of a person who is receiving the income.

This concept of TDS helps in reducing tax evasion as the amount liable for payment of tax is collected at the time of generating income.

How to Check TDS Status by PAN Card Online?

Here is a simple step-by-step process showing how to check TDS status by PAN card:

Step 1: Visit the official page of the TDS Centralised Processing Cell for TDS or TCS Credit

Step 2: Provide the verification code that is showing on screen and click "Proceed"

Step 3: On this redirected page, enter PAN and TAN information

Step 4: Now, an individual needs to select the correct financial year and type of return information. Once done, proceed to the option "Go"

By successfully completing the above steps, one can get the details of the TDS status onscreen. In addition to this, individuals can also check their TDS status using the Income Tax e-Filing website.

How to Check TDS Status Through the Income Tax e-Filing Website?

Individuals having an existing account on the Income Tax e-filing website will be able to check TDS status using the following steps:

Step 1: Log in to the official page of Income Tax e-filing using personal credentials like username and password

Step 2: In "My Account", select the option "View Form 26AS"

Step 3: On clicking this form option, it will redirect to the TRACES portal

Step 4: Next, individuals need to select a correct financial or assessment year and a suitable format for viewing the file

On this next page, individuals can see their TDS status and print or download the same for future reference. However, upon downloading a file, individuals need to provide their respective PAN numbers to access the password-protected file.

What Are the Important Details Present in the TDS Statements?

Individuals searching for ways to check TDS online using PAN number must also be aware of the importance of TDS statements. This statement contains the following details which are:

A tax deducted on behalf of a taxpayer
A tax collected on behalf of a taxpayer
Deduction during the sale of immovable property
Self-assessment tax or advance tax deposited by an assessee having a valid PAN number
Refunds received during a financial or assessment year
Transaction details in shares, bonds, or in mutual funds
Information in relation to TDS defaults and statement processing.

It is crucial to consider the filing of TDS by all deductors must be made quarterly. As one must furnish it every quarter, staying up-to-date with different information like TAN, amount of TDS deducted, payment mode, etc., becomes essential.

What Are the Benefits of Checking TDS Status by PAN Card?

Checking a TDS status by PAN card allows an individual to enjoy a plethora of benefits which include:

The quick checking of a TDS status helps taxpayers to prevent any avoidance of tax as well as understand tax deductions
This habit helps in the improvement of tax maintenance as deductions are made while making payments
Staying up-to-date with TDS information will offer a win-win situation for both taxpayers and the Government

FAQs About Checking TDS Status by PAN Card

All

When is the TDS return on filing date?

The filing of the return of TDS on salary is every quarter and in Form 24Q. The filing dates of the TDS return on salary are 31st July, 31st October, 31st January, and 31st May.

In which form one should file TDS on rent?

One should file a TDS on rent in Form 26QC. Individuals must file this return within 30 days from the end of the month of the TDS deduction.

What is a TDS certificate?

Whenever a business or an individual is deducting TDS from an assessee, he or she must issue a certificate to a deductee for tax assessment purposes. The available TDS certificates are Form 16, Form 16A, Form 16B, and Form 16C.