Frequently asked Questions on Tax Deducted at Source

1. What is the use of TDS challan?

TDS challan is mainly used for depositing the tax deducted at source (TDS) with the government.

2. Is TDS required to be paid only by salaried individuals?

Any individual with annual income of over Rs.2.5 lakh will have to pay taxes. Hence TDS is required not only to be paid by salaried people but self-employed individuals as well. 

3. Is PAN required for payment of TDS?

Yes, the details of your PAN are necessary for the payment of TDS.

4. What is the penalty if an employer fails to submit the returns within the due date?

A penalty between Rs.10,000 and Rs.1 lakh under Section 271H will be levied.

5. What is the penalty for a company that fails to deduct TDS on time?

Under Section 201A, the interest of 1% p.m. will be charged from the deduction date to the date on which the TDS was deducted.

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