The income tax department has issued some salaried assesses messages for their total tax deducted at source (TDS) all across the country. The message was sent as an SMS that consists of information on TDS deducted via the employer for the quarter ending 31st December and the cumulative TDS for the FY 2023-24.
The same message, which reads, “Total TDS by the employer of PAN xxx for Qtr ending Dec 31 is ₹xxx and cumulative TDS for FY 23-24 is ₹xxx. View 26AS for details. ITD Team,” seeks to deliver acknowledgement of the TDS deposited in the final quarter and the previous financial year.
Certain assesses can have misinterpreted the same message, assuming that they owe more taxes to the department.
To notify taxpayers about their total TDS deductions the same SMS alert service was incorporated.
The same acts as a helpful tool for individuals to match their office salary slips with the information furnished in the message. Wait till June 15 To file income tax returns (ITR) for the FY 2023-24, salaried individuals shall need to wait till mid-June since it is the time when employers issue Form 16.
Employers under the rule should issue Form 16 every year on or before June 15, soon after the fiscal year where the tax is deducted. The income tax department e-filing portal could be used by the taxpayer who wishes to file early.
Even after having the same option, the experts recommend waiting to ensure that Form 26AS and AIS are duly updated, thereby simplifying the ITR filing procedure. Form 16, a certificate issued by employers, comprises of essential data needed to file ITR, including components of TDS and tax collected at source (TCS) for different transactions between the employer and employee.