Credit for TDS

Tax Glossary Definition

Credit for TDS

Credit for TDS (Tax Deducted at Source) allows a taxpayer to adjust the tax already deducted by others against their total income tax liability for the financial year. This ensures that the taxpayer is not taxed twice on the same income and can claim a refund if excess tax is deducted.

Example: If a bank deducts ₹5,000 as TDS on interest income, this TDS amount is credited in your Income Tax Return (ITR) and set off against your total tax liability.

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