What Happens If You Don't Claim TDS? | Understanding Tax Implications
Learn the consequences of not claiming TDS and how it affects your tax returns and refunds.
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If you don't claim TDS (Tax Deducted at Source), you might miss out on potential tax refunds. Ensure to file your returns accurately to reflect TDS credits, reducing your overall tax liability. Not claiming could result in paying more tax than necessary or facing issues during tax assessments.
FAQs & Answers
- What is TDS? TDS stands for Tax Deducted at Source, which is a tax collected at the point of income generation. It is deducted by the payer and submitted to the government.
- What are the consequences of not claiming TDS? Not claiming TDS can lead to missing potential tax refunds, resulting in a higher tax liability and complications during tax assessments.
- How do I claim TDS on my tax return? To claim TDS, you should ensure that your tax return accurately reflects the TDS credits filed by your employer or deductor, which will help in reducing your total tax due.
- Can not claiming TDS affect my tax assessment? Yes, failing to claim TDS might cause discrepancies in your tax assessment and could lead to paying more tax than required or even penalties.