194LD Payment of interest on rupee-denominated bonds, municipal debt security, and government securities NA 5% 5% 194M Amounts paid for contract, brokerage, commission or professional fee (other than 194C, 194H, 194J) Rs. 50,00,000 5% 5% 194N In case cash withdrawal over a certain amoun...
Introduction to TDS (Tax Deducted at Source) Tax Deducted at Source or commonly referred as TDS is the amount of tax deducted from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest, etc. The TDS amount is deducted at the ...
Furthermore, TDS or deduction of tax at source is applicable to certain payments. It includes brokerage, salary, interest, professional fees, contract payments, royalty, and more. Also, TDS is applicable despite the payment mode such as credit, cash, or cheque. Update on the Budget for 2021:...
When a taxpayer pays taxes, the payee deducts TDS on certain occasions. Form 26Q is used to file TDS details on payments other than salary. The Form mentions the total amount that is paid during a particular quarter and the TDS amount that has been deducted. It is necessary to submit Fo...
In case of Part Payments, Deductions should be proportionally split up with respect to the payments made and shown on the return. This process is also internally taken care in SaralTDS. E.g.: If a deduction of 1500/- is paid through two individual challans of 1000/- and 500/-, then ...
Different TDS rate applies to different kinds of income. The tax has to be paid on the extra amount earned above a certain maximum threshold which is tax-exempt. TDS rate varies from 1 percent to 30 percent on different types of payments including salaries, commissions, professional fees, ...
First NRIs, irrespective of their age, are not eligible to file Form 15G or 15H as the case may be. NRI’s opening Fixed Deposit can avail benefit of the lower TDS depending on the overseas country of resident popularly called asDouble Taxation Avoidance Agreement (DTAA). DTAA is an ...