Our Income Tax Payees –The Salaried in particular have a doubt as to why they should file their returns when tax is already deducted in their Salary.  We want our salaried friends to be made aware as to why tax returns are 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 from the salary based on the employee declaration of investment and proof provided, further there may be taxes on their additional income like interest, rent, professional income of any nature or there may be a rebate available under the Income Tax Act which was not considered by the employer due to delay in producing requisite documents.  The above results in either further payment of Tax or excess tax being paid.

Accordingly, either tax has to be paid or refund has to be claimed as the case may be, as per eligibility criteria.  For this reason, the salaried employee 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 80% of TDS remains as unclaimed with Income Tax, Govt of India as the taxpayers are not filing their required returns.  They are not aware it is their right to claim the tax refund.  Therefore, Dear Salaried Taxpayers Stay alert, Plan your Taxes, File your Returns on time, Have your Refund credited to your Bank Account.  It is your Right.

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