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 ...
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, inte...
NRIs have a basic exemption limit like any resident Indvidual. For AY 2016-17(FY 2015-16) it’s 2.5 lakh. If NRI’s income exceed this limits, an NRI should file income tax returns in India. NRIs are taxed as per the tax rate and slabs prescribed for resident Indians below 60 yea...