TDS RATE CHART FY: 2023-24 (AY: 2024-25) Section Nature of Payment Threshold Indv / HUF Others Rs. TDS Rate (%) 192 Salaries – Avg – 192A Premature withdrawal from EPF 50000 10 – 193 Interest on Securities 10000 10 10 194 Dividends 5000 10 10 194A Interest (Banks) 40000 10 10 194A Interest (Others) 5000 …
Any one having a bank account earns some interest on their deposits and this particular income is taxable. Anyone earning an interest income from their bank accounts must know that tax is to be deducted at the time of payment or credit of interest (to any account by whatever name called), whichever is earlier, as …
TDS deduction on interest income and how to avoid it – All you need to know Read More »
Rates for deduction of tax at source Taxes shall be deducted at the rates specified in the relevant provisions of the Act or the First Schedule to the Finance Act. However, in case of payment to non-resident persons, the withholding tax rates specified under the Double Taxation Avoidance Agreements shall also be considered. Latest TDS …
Income Tax department’s big Announces Latest TDS Rates Chart for FY 2023-24 (AY 2024-25) Read More »
Tax Deducted At Source (TDS) is one of the method of collecting the tax from the source of the income. Therefore, an individual or business entity liable to make payments such as salary, interests etc., will collect the applicable tax before making the payment. It is defined based on a certain percentage of the full …
All about to Know About TDS Challan – 280, 281 & 282 Read More »
TDS stands for Tax Deducted at Source. Tax deduction at source (TDS) means collecting tax on income in the form of salary, rent, asset sales, dividends, etc., by requiring the payer to collect income tax due on such income while crediting/paying to the payee and deposit the same to the government on payee’s behalf. Below …
TDS Rate Chart For Financial Year 2023-2024 Assessment Year 2024-2025 Read More »
Tax Deducted at Source (TDS) is a crucial taxation mechanism that ensures that taxes are collected from the source of income. It acts as an advance tax that is deducted by the payer while making payments such as salaries, rent, or professional fees. TDS helps in the efficient and timely collection of taxes, which in …
Important is it to file TDS on crypto transactions? Read More »
Many rules will change in the new financial year 2023-24 starting from April 1. Many rules related to income tax are also going to change in the new financial year. These changes were proposed in the Union General Budget presented on February 1. If the income is less than seven lakhs, then no TDS Salaried …
Union Budget 2023 proposed several changes in Tax Deducted at Source (TDS) rules that will come into effect from the new financial year starting April 1, 2023. In its “Highlights of Finance Bill, 2023”, the Income Tax Department recently shared the list of such TDS rules that were proposed to change in Budget 2023. 1. …
Online gaming: Union Budget of 2023 has introduced several provisions related to tax deduction at source (TDS), aiming to strengthen the country’s tax collection mechanism. However, these provisions have raised ambiguities, particularly in relation to the online gaming industry. The industry has welcomed the government’s move to recognise the sector and provide clarity. The government’s …
Recent Amendments In TDS And Tax Regime And Its Ambiguities Read More »
As per the ITA or Income Tax Act, any individual earning above a certain threshold is required to deduct tax at source as TDS (Tax Deducted at Source) . The Income Tax Department has prescribed certain rates as per which TDS is deducted for differently salaried individuals. The person or company that makes a payment after deducting …
Today 31/01/2023 Due Date to file the TDS Statement for Quarter-3 of FY 2022-23 From tomorrow late filing fee u/s 234E Rs.200 per day is applicable (Late fee shall not exceed the amount of TDS) Usually, if the income earned by you exceeds a specified limit, then tax is deducted by the payer of the …
Income Tax Alert: Filing TDS return for FY 2022-23? Read More »
An Enforcement Directorate investigation has found that a mid-level income tax employee was able to access the computers of his superiors and create phoney tax deducted at source (TDS) refunds totaling millions of dollars. In the money laundering investigation, the CBI has attached more than 30 properties in Maharashtra and Karnataka, totaling almost Rs 70 crore. It …
The Income Tax Department has allowed non-resident taxpayers who do not have a Permanent Account Number (PAN) to manually fill Form 10F till March 31, 2023. This will reduce the burden of this exercise required for TDS exemption for non-resident taxpayers and they will be able to claim a lower TDS (Tax Deducted at Source) …
Fixed Deposits have been considered the safest type of investment for long. It comes at a fixed interest rate that ensures assured returns and power of compounding. Additionally, this investment option also features a flexible tenure, which adds to the benefits of investors. Interest earned on an FD shall attract TDS (Tax Deducted at Source) …
How Can Senior Citizens Avoid TDS on Fixed Deposit? Read More »
The following tables list the various TDS rates applicable to resident and non-resident payments as well as TDS rates on domestic and foreign companies in India. Any person paying income is responsible to deduct tax at source and deposit TDS within the stipulated due date. TDS Rate Charts for the FY 2022-23 Section Deductee* Nature …
The TDS collection process is managed and controlled by the Indian Revenue Service under the Department of Revenue. The Indian Revenue Service is a part of the Central Board of Direct Taxes (CBDT). This department is extremely important for the government or legal boards in conducting audits. In this case, the source can be employers, …
TDS Details filed using form 26Q TDS Return Filing, Due Dates & Penalties Read More »
Latest TDS rate chart for the financial year 2022-23 and assessment year 2023-24 to help you calculate and error-free. TDS Rate Chart for FY 2022-23 Section Nature of Payment Threshold (Rs.) Individual / HUF TDS Rates (%) OthersTDS Rate (%) 192 Salaries Rs. 2,50,000 Slab Rates Slab Rates 192A Premature EPF withdrawal Rs. 50,000 10% 10% …
Latest TDS rate chart for the financial year 2022-23 and assessment year 2023-24 Read More »
TDS is basically a part of income tax. It has to be deducted by a person for certain payments made by them. In this article, we will discuss in detail the TDS provisions under the Income Tax Act. TDS or Tax Deducted at Source is income tax reduced from the money paid at the time …
Tax Deducted at Source –TDS Meaning, Filing, Return & Due Dates Read More »
ITR filing: Check TDS rates applicable on salary, interest, other incomes Individuals must have noticed a certain amount deducted on their incomes like salaries, interest, commission received, dividends etc. Short for ‘Tax Deducted at Source’, TDS was brought in to collect tax at the source from where an individual’s income is generated. Basically, the entity/person making a …
ITR filing: Check TDS rates applicable on salary, interest, other incomes Read More »
Income Tax TDS Rate Chart for for Financial Year (FY) 2021-22 / Assessment Year (AY) 2022-23 (DOWNLOWAD PDF LINK IN BELOW OF POST) TAX DEDUCTED AT SOURCE (TDS) The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is …
Latest TDS Rates Chart for FY 2021-22 (AY 2022-23)- Updated Read More »