You should also know that if the TDS on FD deducted by the bank is more than your overall income tax liability, then you can claim a refund at the time of filing your ITR. The TDS deducted on interest income from FDs is thus a part of your total tax liability under the Income Tax ...
Hi Experts, Can any one please let me know the entry TDS deduction on interest paid to customer. For me I tried A/R Interest calculation on Arrears configuration, and I run the interest calculation through F.2B then the system shows the below entry as mention: Interest Paid a/c DR 900 ...
TDS Refund – How to claim TDS Refund. Tax Deducted at Source (TDS) is the sum that is deducted from a taxpayer's income like salary, interest from bank accounts, rent etc.If the TDS collected is more than what you owe to the government, you can get a TDS Refund. ...
Calculate the TDS amount online easily with our TDS Calculator. TDS deductions can be calculated on your salary, interest income, and more by using this tool...
In addition, Section 194P was recently included to oblige banks to withhold tax from elderly citizens (over 75) who receive a pension and interest income from the bank. Example of TDS Check this example on how TDS work: Nature of Payment: Professional Fees ...
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TDS applied on the following incomes. Income earned from interest accumulated on securities, funds, dividends and EPF Income in the form of commission Income earned as contractor, subcontractor and freelancer Income derived from providing technical or professional services ...
193 –TDS on interest on securities*** Rs. 10,000 10% 10% 194 Payment of dividend Rs. 5,000 10% 10% 194A Interest issued by banks or post offices on deposits Rs. 40,000 Rs. 50,000 (For senior citizens) 10% 10% 194A Interest by others apart from on securities Rs. 5,000 10%...
property.TDS on sale of property is applicable under Section 194-IA of the income tax law. However, buyers and sellers need not worry about TDS implications at all if the property value is up to Rs 50 lakh. On property deals involving more than Rs 50 lakh, TDS on property sale becomes...
In case of late TDS deposition, the same interest of 1.5% will apply from the date of deduction to the payment date. The interest is calculated on a monthly basis, so part of a month will also be considered as a full month. Penalties fornon-filling ...