Guidelines for Income Tax Deductees : How to ensure you have correct tax credit

Tax deductee is a person who receives certain prescribed payments like salary, interest, commission, brokerage, rent etc. after deduction of tax at source. Recently Income Tax has issued guidelines for TDS Deductees or Tax deductee.

These are very useful to ensure correct tax credit!

Tax deductee should always ensure to:

1. Obtain and intimate the correct PAN to the deductor
2. Furnish Form No. 15G/15H or certificate for no/lower deduction well in advance to the deductor
3. Obtain a valid TDS certificate from the deductors downloaded from TRACES (https://www.tdscpc.gov.in) bearing a seven digit unique certificate and Traces watermark
4. Log on to e-filing / TRACES portal and cross check the TDS credit in Form No. 26AS with the TDS certificate issued by deductors
5. Claim correct amount of TDS and mention correct TDS certificate number while filing the return of income
6. In case of TDS on sale of immovable property, ensure that the buyer deducts TDS at the prescribed rate if the value of sale is Rs. 50 lakh or more, the buyer deposits the amount so deducted within one month and also uploads challan cum statement (Form No. 26QB) on the TRACES website

In case of missing credits, check/ensure:

i. Correctness of PAN intimated to deductor

ii. Deductor has deposited the tax deducted at source

iii. Deductor has uploaded quarterly TDS/TCS Statement with correct PAN

iv. If required, raise a grievance at “Taxpayer Grievance Module” on TRACES website

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