Our Income Tax Payees – Business & Professionals in particular have a doubt as to why they should file their returns when tax has already been deducted in their Income.  We would like our tax paying friends under the above category to be aware of TDS & Tax Returns and why tax returns have to be filed.  In this context, we would like to clarify that TDS deduction and Income Tax Return filing are both different.  TDS is what is deducted on the payments made as applicable, further there may be taxes on their additional income like interest, rent etc.  This results in either further payment of Tax or excess tax being refunded.

Accordingly, either tax has to be paid or refund has to be claimed as the case may be.  For the same, the tax payer has to file income tax return with relevant proof and claim TDS refund or pay tax as applicable.

Here we would like to highlight the fact that more than 90% of TDS remains unclaimed with Income Tax, Govt of India as the taxpayers are not filing the required returns.  They are not aware that it is their right to claim the tax refund.

Dear Tax Payers Be Alert, Plan your Taxes, File your Returns on time, Have your Refund credited to your Bank Account which is your Due.

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