TDS is deducted from some percentage of the total amount. The monitoring of this tax comes under the Central Board of Direct Taxes (CBDT). Many times taxpayers need to check their TDS status so that they can know the status of their tax payment. So that they can avoid any kind of trouble while submitting income tax return. Here we are telling you how to check TDS status through PAN card, Form 26AS and other methods.

What is TDS return?

TDS return is a quarterly financial status that taxpayers have to submit to the Income Tax Department. This return includes the PAN number of the deductor, details of tax payments made to the government, TDS challan and other information.

How to check TDS status from PAN card?

If you want to know the TDS status through your PAN card, then follow the steps given below.

• Visit the official website.
• Enter the Verification Code.
• Click on Proceed.
• Enter PAN and TAN number.
• Select the Financial Year, Quarter and Type of Return.
• Click on Go.
• Your TDS details will appear on the screen.

How to check TDS credit through Form 26AS?

To check TDS status through Form 26AS, follow the steps given below:

• Visit the Income Tax e-filing portal.
• If you have not already registered then please register.
• After logging in, click on My Account tab.
• Select the option of View Form 26AS.
• Select the Financial Year and PDF format.
• Download the form.
• This file will be password-protected, to open it enter the date of birth given in the PAN card.
• Apart from this, TDS information can also be seen from the net banking portal, but for this PAN must be linked to net banking.

How to check TDS through TDSCPC portal?

TDS status can also be checked with the help of TDS Central Processing Cell (CPC). For this, follow the steps given below.

• Visit the TDSCPC portal.
• Click on the Taxpayer tab.
• Select View TDS/TCS Certificate option.
• Enter the Verification Code.
• Fill in the Taxpayers PAN Number and other required details.
• Click on Go.
• Your TDS details will appear on the screen.
• How to check TDS from Income Tax e-filing portal?
• Login to the Income Tax e-filing portal.
• Click on My Account tab and select View Form 26AS.
• You will be redirected to the TRACES portal.
• Select Assessment Year and file format.
• Your TDS details will appear on the screen.

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Reached 26.05 percent of the budget estimate

In a statement issued by the Income Tax Department, it was said that in the financial year 2023-24, so far the direct tax collection has reached 26.05 percent of the total budget estimate. This includes income tax and company tax. Direct tax collection after tax refund stood at Rs 4.75 lakh crore. This is 15.87 percent more than the net tax collection in the same period last year.

Issued ‘refunds’ worth Rs 42,000 crore

According to the ministry, during April 1 to July 9 this year, ‘refunds’ worth Rs 42,000 crore have been issued. This is 2.55 percent more than the tax refund received in the same period last year. Gross direct tax collection increased by 14.65 percent to Rs 5.17 lakh crore. Net direct tax collection is estimated to be Rs 18.23 lakh crore in the budget for the financial year 2023-24. This is 9.75 percent more than Rs 16.61 crore for the financial year 2022-23.

The direct tax collection figures for the financial year 2022-23 show that the net collection was Rs 16.61 lakh crore. This is 17.63 percent more than the Rs 14.12 lakh crore of the previous financial year.

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Advance Tax Payment: Taxpayers are constantly being made aware by the government for advance tax payment. Its effect has also started to be seen. Yes, in the current financial year till June 17, the net direct tax collection of the country has increased by 11.18 percent to Rs 3.80 lakh crore. This increase was due to Advance Tax Payment. Information about this was given by the Ministry of Finance. This is another good news given by the tax payers during the tenure of Finance Minister Nirmala Sitharaman.

Earlier in the financial year 2021-22, those who paid income tax had deposited record tax. Advance tax collection in the April-June quarter of the current financial year stood at Rs 1,16,776 lakh crore till June 17. This is 13.70 percent more than the same period last year. The ministry said in a statement that the net direct tax collection till June 17 stood at Rs 3,79,760 crore, including Rs 1,56,949 crore of corporate tax (CIT).

Personal Income Tax of Rs 2,22,196 crores

Rs 2,22,196 crores were collected as personal income tax including Securities Transaction Tax (STT). On a gross basis, the collection before adjusting refunds was Rs 4.19 lakh crore. This amount shows an increase of 12.73 percent on an annual basis. This includes Rs 1.87 lakh crore in corporate tax and Rs 2.31 lakh crore in personal income tax including securities transaction tax. The refund amount stood at Rs 39,578 crore till June 17, which is 30 per cent more than the same period last year.

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Its information was given by the government through notification. It has been decided to bring the expenses incurred abroad on international credit cards under the ambit of LRS. Its indirect effect will be that TCS will be imposed. Means it will be shown in the total tax liability. This is similar to how ITC is available in GST.

What does the notification say-

The Finance Ministry said in the notification that in the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023 (Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023) Liberalized Remittance Scheme (Liberalized Remittance Scheme ( LRS)) will cover international credit card payments.

The notification states that Rule 7 of the Foreign Exchange Management (Current Account Transactions) Rules, 2000 (Foreign Exchange Management (Current Account Transactions) Rules, 2000) has been deleted, which provides for travel expenses outside India under LRS. Brings the use of international credit cards to completion.

The notification brings credit card transactions outside India under LRS with immediate effect, under which more TCS will now be levied. According to the budget, it will come into force with effect from 1 July 2023.

Earlier, the use of credit cards abroad during travel was not covered under LRS. This previously included debit cards, forex cards and bank transfers.

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What does this mean for the common man- Credit cards used outside India will now attract a higher rate of TCS of 20 per cent with effect from July 1. This is because credit card transactions done outside India will come under the purview of LRS with immediate effect.

TCS of 5 percent will be imposed on such transactions till July 1, except in the sectors related to medical and education.

However, after July 1, a 20 per cent fee will be charged on all such transactions. Under the LRS scheme, Indian residents are allowed to remit up to $250,000 (approximately over Rs 2 crore) every year without any pre-approval from the Reserve Bank of India.

While calculating the LRS limit of $250,000 per person in a financial year, the use of international credit cards for overseas travel or online international purchases by Indians was not included.

Protest on social media- Many people have expressed concern over this move of the government. Especially in this, businessmen and people going abroad in connection with work are included. Tagging Nirmala Sitharaman, a user named Ajay Roti wrote that TCS should not be increased on the international use of credit cards as it can affect many business trips, especially those that are incurred by the company. He further said that 20% TCS is too much. That’s why this proposal should be dropped here.

Many users believe that 20% TCS on the use of credit cards abroad will affect the business. Meanwhile, most of the users posted memes to criticize the move.

Cleanliness of the Ministry of Finance

The Finance Minister has issued a clarification regarding the tax on credit cards. The Finance Ministry has taken this decision to stop those who ignore LRS. LSR stands for Liberalized Remittance Scheme. The decision has been taken to find out all the expenses incurred under LRS.

Many people used to exceed the limit of LRS due to credit card transactions abroad not being included in LRS. This decision was taken to eliminate the difference between debit card and credit card. The Reserve Bank had recommended several times to include credit card transactions abroad in the LRS.

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This year’s record collection

According to government data, the GST collection in the month of July has increased by 28 percent compared to the same period last year. In the month of July, Rs 1,48,995 crore has come to the government treasury from the GST collection. At the same time, the GST collection last month was Rs 1,44,616 crore. The GST collection in July 2021 was Rs 1,16,393 crore.

The loopholes have been removed: Sitharaman

Significantly, direct tax collection has increased by 49.02 percent on an annual basis to Rs 14.09 lakh crore in 2021-22. The government had set a target of direct tax collection of Rs 14.20 lakh crore for the financial year 2022-23. The Finance Minister said that the government has resolved many pending issues and infrastructural loopholes related to direct taxes have been removed. The Finance Minister said that the reforms made by the government in recent years have made the tax system trust-based.

Increase in number of income tax returns

Sitharaman said that taxpayers have affirmed the trust-based tax system and said that this tax collection has further improved, which is evident from the increase in the number of income tax returns. Not only this, he said that technology has been effectively used to enhance taxpayer service and transparency, speed up departmental processes.

Department made positive changes

On this occasion, Minister of State for Finance Pankaj Choudhary has also told that the responsibility of the tax department is not only limited to efficient and effective tax administration but it is also its responsibility to honor honest taxpayers. The department has proved itself to be an organization by providing time bound services to the taxpayers and adopting positive changes. The number of people filing tax returns has increased, which shows the efficiency of the department.

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