Taxes are collected from the taxpayer in the form of Tax Deducted at Source or TDS, Self-Assessment Tax and Advance Tax. This is how you can report these taxes in your ITR.
Tax Deducted at Source or TDS
TDS or Tax Deducted at Source is the tax which is deducted by the employer from the employee’s salary and it is an employer’s or deductor’s responsibility to submit the tax that he/she has deducted to the Government of India. TDS is a portion of a taxpayer’s salary that is with-held by the employer and then it is deposited to the Government. The taxpayer can show the proof of this tax in the form of his/her TDS Certificate that is taxpayer’s Form 16 or Form 16A.
In case the estimated tax liability of a taxpayer is more than Rs.10,000 then in that case the taxpayer is required to pay Advance Tax in four instalments during the financial year itself, i.e. 15%, 45%, 75% and 100% of advance tax liability have to be paid on or before 15th June, 15th September, 15th December and 15th March, respectively. In case you have paid extra tax than your tax liability then you can claim a tax refund.
If there is any tax liability after taking into account the amount of TDS and advance tax, it has to be paid in the form of Self-Assessment Tax. Self-assessment tax can be paid from April 1 of the Assessment Year, that is after the end of the financial year. Form 26AS is annual record of the taxes a taxpayer has paid, where a taxpayer can verify whether the taxes paid by him or on his behalf are actually available in his Form 26AS, so that he/she can claim a credit for the same at the time of filing ITR.