Rights of Employees & Others (TDS Deductees)

Credit of TDS – If
tax has been deducted at source u/s 192 to 194 A/B/BB/C/ D/E/EE/F/G/H/I/J/K,
195, 196A/B/C and D, the person from whose income (payment) the tax has been
deducted i.e. Payee or assessee shall not be asked upon to pay the tax himself
to the extent tax has been deducted (Sec.205). Moreover u/s 199 such tax
deducted at source shall be treated as payment of tax on behalf of the payee

 – U/s 203 payee (tax payer) is entitled to obtain a certificate from
the payer (tax deductor) in Form 16-A specifying the amount of tax deducted and
other prescribed particulars.
 – As per section 203AA the prescribed income tax authority or the
person authorized by such authority (as referred in section 200(3))will be
required to deliver to the person from whose income the tax has been
deducted/paid, a statement of deduction of tax in the prescribed form. Such
statement as per rule 31AB will be required to be furnished in Form no.26AS by
the 31st July following the financial year during which the taxes were
deducted/paid (also refer Notification no. 928 E dt. 30.6.2005 of CBDT).

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