The exemption limit for TDS deduction on an FD depends on your age and total taxable income: Individuals below 60 years:The exemption limit is Rs. 40,000 per financial year. Meaning, if the interest earned on an FD is less than Rs. 40,000, TDS will not be deducted. Senior citizens (...
The interest income of the user is taxable under section 194A of the Income Tax Act (ITA), 1961. Banks deduct tax on fixed deposits if the interest earned on the same exceeds INR 40,000 in a year. The TDS rate will apply once the earnings go past the threshold limit of INR 40,000...
TDS rates and types (Rates and limits as per Budget 2016) 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% ...
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 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 includeIndividual,Hindu Undivided Family(HUF)...
TDS Types and its rate TDS deposit due date FAQ's on TDS Section NumberSourcePayee typeThreshold LimitTDS Rates 192Salary PaymentIndividualBasic exemption limits based on the income tax slab rates.Rates of Income Tax in force. 193Interest on securitiesResidentBasic exemption limits based on the in...
Calculate the Interest: Our Online TDS interest calculator will give exact Interest payable for user on TDS amount. The interest is calculated based on the number of days between the date of deduction and the date of payment, and the prevailing interest rate specified by the Income Tax Act. ...
The software covers current financial year and all previous financial years Preparation of TDS & TCS Returns & Correction Statements (Forms 24Q, 26Q, 27Q, 27EQ) Supports unlimited Deductors / Companies Limit on no. of Deductee / Employee Records - based on selection of Edition ...
TDS certifications come in Form 16, 16A, 16B, and 16C. The person who made the payment must give the TDS certificates to the person from whom he took the TDS. For example, when TDS gets subtracted from interest on fixed deposits, banks send Form 16A to the depositor. The employer provid...
Not filing Form 26QB attracts both interest and penalty. The applicable penalties are as follows: ConditionPenalty In the case of Non-deduction of TDS The Penalty of 1% interest on the amount not deducted for the TDS In case of Non-remittance of the TDS to the government The Penalty of 1....