TDS is deducted from the payments made by the individuals as per Income Tax Act. Various types & rates of TDS deduction are present. Focus on pay as you earn. TDS is a direct tax which is collected from the people at the time of payment like salary, rent, commission, etc. The TDS ...
Employers calculate the TDS on employees’ salaries using the following details. Total earning:The total earning of an employee over the financial year including their hikes, commission, bonus, etc. Investment Declaration:If you are investing in tax-saving products, mention the details in an invest...
Commission, Remuneration, Prize etc., on sale or lottery (Under section 194G) Payment of Commission or brokerage (Under section 194H) Rent (Under section 194I) Professional service (Under section 194J) Income from Units (Under section 194K) ...
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.
On salary income, TDS is deducted depending upon the income tax slab rates applicable to a person. For other types of income such as rent, interest on securities, insurance commission, dividend, etc. the TDS rates are fixed and vary between 10% and 20%.Some of them are shown in table ...
Use the TDS Rate Master Maintenance program (P75I10A) to set up rates, rate percentages, ceiling limit amounts, and other attributes for both TDS and WCT withholding. When you set up a rate, you specify whether it is for TDS or WCT in the TDS Type and G/L Offset fields on the TDS...
Insurance Commission Remuneration paid to the company’s director etc Contractor payments Deemed Dividend Interest on securities Interest apart from interest on securities Transfer of immovable property Payment of rent Compensation on acquiring immovable property ...
It is not limited to salary, it includes interest, commission, fee etc. The earned income can be regular or irregular. It is levied on the total income of an employee or business It is limited to salary/ annual income It is levied on regular income Q. How can I claim TDS refund? Gen...
Currently no limit placed on the amount of a deposit which can be taken but should a limit be introduced, any amount above that limit will be regarded as a prohibited payment. PET DEPOSIT The total deposit taken cannot exceed five or six weeks' rent. This means that if you have taken ...
Professional payments less than Rs. 30,000 are not liable to TDS, except the director’s fees, where no such limit is applicable. 3. TDS onrentpayments under section 194I Small businesses and startups rent certain assets for their day-to-day operations.Section 194Iis applicable on any amou...