The payer deducts tax, and the same is directly remitted to the Government by the payer on behalf of the payee. The concept of TDS was introduced to combat and reduce tax evasion. The provisions of tax deducted at source currently apply to several payments like salary, interest, commission, brokerage, professional fees, royalty, etc.The recipients of such income can claim an Income Tax TDS refund of the excess tax paid by them in the form of TDS at the time of filing their ITR if their tax deducted is more than the required amount.
What is the due date for a tax deductor to deposit TDS to the Government?
Tax deducted at source has to be deposited to the credit of the Central Government within the following due dates:- a) In case the amount is credited or paid in the month of March - On or before 30thApril following the month in which the deduction is made (i.e., March).
- b) In any other case - Within seven days from the end of the month in which the deduction is made.
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