The Government had brought in the concept of TDS, through which persons are required to deduct TDS and deposit the same with the Government. Know more about TDS on fees for professional and technical services here
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.
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% ...
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...
FAQs on TDS calculation on salary How to calculate TDS on the purchase of property? To calculate TDS (Tax Deducted at Source) on the purchase of property, you can use tools like this TDS Calculator, which considers the property value and applicable TDS rate. Additionally, consult with a tax...
Payments such as salary, rent, commission, professional fees, interest, and dividends are subject to TDS. Q4.)What is the rate of TDS? The rate of TDS depends on the type of payment and the category of the payee. The applicable TDS rate can be found in the TDS rate chart published by...
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 ...
When it comes to TDS, there is no such thing as enough information. You might have a few questions of your own. That is what we aim to answer on this page.
Check this example on how TDS work: Nature of Payment: Professional Fees Specified Rate: 10% If Mr. A (Deductor) has to make the payment of Rs. 50,000 to Mr. B (Deductee) for professional service. Then, Mr. A would apply 10% TDS on the specified salary (in this case Rs. 50,...
Prescribed persons(Employers, Seller of Property, one who hires contractor), are required to deduct tax (TDS) on specified transactions as per TDS Rate Chart and pay it to the government within the stipulated time. TDS Chart applicable for Financial Year 2020-21(Assessment Year 2021-22)is ...