• Notification Date: 20-04-2024
• Notification No: N/A

You shouldn't Worry if Income Tax Department sends Message on TDS

The Income Tax Department has reportedly sent SMSs regarding total tax deducted at source to many salaried taxpayers across the nation. The message mentions details of TDS deducted by the employer for the quarter ending December 31 and the cumulative TDS for the financial year 2023-24. 

The message says: “Total TDS by employer of PAN xxx for Qtr ending Dec 31 is Rs xxx and cumulative TDS for FY 23-24 is Rs xxx. View 26AS for details. ITD Team.” 

The SMS is mere information on TDS by an employer for the final quarter and the previous financial year. 

However, some taxpayers could have misinterpreted this message, speculating whether they owe more taxes to the department.  

The I-T department has been sending these SMSs at the end of 2016 with the purpose of notifying taxpayers about their total TDS deductions. It serves as a useful tool for individuals to match their office salary slips with the details provided in the message. 

The tax department's informative message not only serves to aid salaried individuals in cross-referencing their office salary slips but also provides much-needed clarity on their tax liabilities and potential deductions.  

In addition to this, the Income Tax department has made filing tax returns for the financial year 2023-24 (FY24) more convenient by offering online forms such as ITR-1, ITR-2, and ITR-4 on their website. 

Taxpayers can easily access and submit these forms through the Income Tax department's online portal, with the deadline for filing income tax returns (ITR) for FY24 set for July 31, 2024. This online platform serves as a convenient and efficient way for individuals to fulfil their tax obligations and ensure compliance with the regulations set by the tax authorities.  

By making tax filing processes more accessible and user-friendly, the Income Tax department aims to facilitate smooth and hassle-free tax compliance for taxpayers across the country. 

Alongside online forms, the tax department has also released offline Excel utilities for these forms. Additionally, they've provided offline JSON utilities for some other forms for the same financial year. 

ITR1 is designated for resident individuals (excluding those not ordinarily residents) whose earnings comprise salaries, income from one house property, and other sources such as interest, dividends, family pensions, and agricultural income up to INR 50,000. The aggregate income from these sources should not surpass INR 50 lakh in any given financial year. 

ITR2 applies to individuals who own more than one house property or have realized capital gains during the financial year. 

ITR4 is suitable for individuals receiving income from businesses and professions that are taxable under specified sections of the tax code.