Late-payment of TDS: The deducted TDS by the payer should be credited to the government on every 7th day of the succeeding month in which the tax has been deducted. If the deductor fails to do so, an interest at the rate of 1.5% per month of the TDS amount subject to maximum amount...
TDS Rate Chart for FY 2024-25 - TDS is applicable on various payments like contractor payments, salary, commission etc. Check out TDS rate chart for FY 2024-25 & AY 2025-26.
TDS is applied on services that the government specifies, and the tax is deducted by using the rates that the government specifies for a period. The rate of deduction is based on the status of the entity that receives the payment or provides the service. Statuses include Individual, Hindu ...
Section NumberSourcePayee TypeThreshold LimitTDS Rate 192Salary PaymentIndividualBasic exemption limits as per the income tax slab rates.Rates of Income Tax in force. 193Interest on securitiesResident-10% 194Deemed DividendResident IndividualRs. 2500 each Financial year.10% ...
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18 Payment of commission or Brokerage 194H 15,000.00 5% 5% 20% 19 Payment of rent on land, building, furniture and fittings. 194I 240,000.00 10% 10% 20% 20 Payment of rent on plant, machinery or equipments. 194I 240,000.00 2% 2% 20% 21 Payment made on account of transfer of immov...
TDS stands for Tax Deducted at Source is tax levied on any income or profit on periodic intervals by the Indian authorities. Two parties involved in the Income Tax collection— Payer or Deductor, Payee or Deductee. TDS is applicable to certain payments— brokerage, salary, interest, professiona...
The provisions of deduction of tax at source are applicable to several payments such as salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. In respect of payments to which the TDS provisions apply, the payer has to deduct tax at source on the payments...
A tenant who pays rent to an NRI owner must remember to deduct TDS at 30%. The income can be received to an account in India or the NRI’s account in the country he is currently residing. There is no separate rate prescribed for TDS on rent paid to NRIs. Just like in the case ...
charged in advance, rather than on a later date and the recipient get the net amount, i.e. after TDS. Some examples of expenses for which TDS is charged are salary, casual income, interest on securities, payment of rent, payment of fees, payment of commission or brokerage and so on. ...