When is income tax on salary supposed to be deposited in India?
In India, income tax on salary is typically deducted at source by the employer under the Tax Deducted at Source (TDS) mechanism. The employer is responsible for deducting the tax from the employee's salary and depositing it with the government.
Here's a general timeline for TDS deposits:
Monthly Deduction: The employer deducts tax from the employee's salary each month according to the applicable tax slab rates. The deducted TDS amount is required to be deposited with the government by the 7th of the following month. For example, TDS deducted in April must be deposited by May 7th.
Quarterly Return Filing: Employers must also file quarterly TDS returns (Form 24Q) to report the deducted TDS and the details of employees.
At the end of the financial year, which runs from April to March, employers file annual return to get the income and tax statements issued for the individual employees.
It's important for employees to verify that their employer is complying with these regulations and that TDS is being correctly deposited and reported.
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