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Difference between tds & income tax

Hallo respected experts,

1.What is difference between TDS & Income Tax. In case of excessive deduction of TDS one can ask for refund of the same and for that he will have to file his annual ITR.

2. The bank has deducted TDS on the interest earned by the depositor in the saving Bank account,whether the deducted amount can be linked-up automatically at the time of filling ITR.

Please examine and intimate accordingly.

Thanks

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3 Replies

adv.bharat @ PUNE (Lawyer) 11 November 2016

1) Tax deduction at source 2) TDS can't be linked automatically with ITR. Will u appreciate my answer by giving THANKS on my LCi profile?

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Kumar Doab (FIN) 11 November 2016

Bank has dedeucted Tax at Sourse as per income fro bank.

Bank shall issue certificate.

If your income is within relief from tax you can claim refund.

Ms.Usha Kapoor (CEO) 12 November 2016

TDS or Tax deducted at source means if you are employed your organization YOUR EMPLOYER will deduct your income tax at source; iF YOU HAVE current ACCOUNT WITH THE BANK, YUR BANK WILL DEDUCT THE TDS AS YOUR INTEREST INCOME I S SOURCED FROM THERE.INcome tax means tax on income genrated through various sources and ultimately taxing you after giving you benefit of exemptions nd deductions etc.Different types of Slab rates are applicable to dfferent type of Individuals, HUF, Comapny, PRTNERSHIP ETC.iF YOU APPRECIATE THIS ANSWER PLEASE CONVEY MY FORUM THANKS BY CLICKING THE THANKS BUTTON.

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