The Act further stipulates that if the Form 16 is not issued by the stipulated deadline (15 June), under section 272A(2)(g) of the income tax Act, the employer is liable to pay a penalty of Rs100 per day of default till it issues the form.TDS is deducted from the payments made by the individuals as per Income Tax Act.

If there is any tax liability, the excess amount is first adjusted against that and the remaining, if any, is refunded.

The provision of section 203A of the Income Tax Act states that the people who require deducting tax at source have an obligation to acquire a TAN.

TAN is referred to Tax Deduction and Collection Account Number.

It is mandatory to mention TAN in the TDS return, certificate and payment challan. Any failure to follow the provisions of this section will attract a penalty of Rs. For a salaried person, TDS is deducted if the individual is falling under the slabs of income tax. The TDS certificate issued by the deductor reflects the amount of TDS deducted. It can also be ascertained by signing in to your Income Tax Account and verify Form 26AS.

Long Term Withdrawal Facility is a tax efficient and convenient way to manage monthly cash flows.

Only realized gains each month would be subject to capital gains tax.

There is no Tax Deduction at Source (TDS) for resident investors on redemptions from a mutual fund scheme, so you get to enjoy the full benefits of your investment.

Let us look at an example where an investor (Resident Individual/HUF) invests Rs.

It also has details of deductions under sections 80C, 80CCC and 80CCD (such as contributions towards Public Provident Fund, tax-saving mutual fund schemes, life insurance policies and pension).