Some taxpayers have misinterpreted this message and are assuming that they owe more to the tax department. Actually, this SMS alert was started in late 2016 and its purpose was to inform the taxpayers about their total deductions. This is an improved tool that allows people to match the details given in the message with their office salary slip
Some salaried taxpayers have received a message regarding TDS . In this message sent through SMS , details of tax deducted (TDS) by the employer during the financial year 2023-24 are given. The message reads, ‘The total TDS payable by the employer of PAN number xxx for the quarter ending 31st December is ₹xxx, while the total TDS for the financial year 2023-24 is ₹xxx. The aim of the Income Tax Department team is to provide information about the TDS deposited during the previous quarter and the previous financial year.
However, some taxpayers have misinterpreted this message and are assuming that they owe more to the tax department. Actually, this SMS alert was started in late 2016 and its purpose was to inform the taxpayers about their total deductions. This is a better tool, through which people can match the details given in the message with their office salary slip.
Wait till 15th June
Salaried people will have to wait till mid-June to file income tax returns for the financial year 2023-24, as this is when employers issue Form 16. According to the rules, employers must issue Form 16 every year before June 15 after the end of the financial year. However, taxpayers keen to file returns early can do so using the e-filing portal of the Income Tax Department. However, despite this option, experts say that it is necessary to update 26AS and AIS while filing returns.
The certificate issued by employers contains essential information related to ITR filing, including details of transactions between the employer and employee, including TDS and Tax Collected at Source (TCS).
Also Read-
- RBI extended KFS rule for bank loan takers, know what is the matter!
- Bank Holiday on Ram Navami: Banks will remain closed in these states due to Ram Navami, check the list of holidays.
- Bank New Rules: Loan taking rules will change from October 1, RBI issues guidelines to banks
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
