It is high time for Govt to increase threshold limit as one lakh rupees and the TDS rate shall be 5% keeping the abnormal inflation increased over the last 15 years. 05 October 2020Sneha Rate of tds should be reduced Your are not logged in . Please login to post comments. ...
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.
Step 3:Calculate the number of days of delay - This is the difference between the due date of TDS payment and the actual date of TDS payment. Step 4: Calculate the interest - The interest is calculated at a rate of 1% per month or part thereof, from the date of deduction to the dat...
For other types of income such as rent, interest on securities, insurance commission, dividend, etc. the TDS rates are fixed and vary between 10% and 20%.Some of them are shown in table below: Section Nature of Payment TDS Rate of Individual/HUF in percent TDS Rate for NRI 192 ...
Late-deduction of TDS: An interest at the rate of 1% per month of the TDS amount subject to maximum amount of TDS will be levied for late deduction of TDS. Here, A single day extension is also counted as a month to calculate the interest. Late-payment of TDS: The deducted TDS by th...
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 ...
The person who makes the payment must deduct the tax amount and pay only the net balance to the provider of the service. 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 ...
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% ...
While we await further clarification on the specifics of a few of the announcements, our key take-aways for tax planning from Budget 2024 are as follows: 1. INCREASE TO THE CAPITAL GAIN INCOME INCLUSION RATE Budget 2024 proposes an increase to the current capital gains inclusion rate from 50...
TDS rates vary based on the type of income, including salaries, professional services, commissions, rent payments, and interest from investments. The applicable rate depends on the nature and total income level. Remember,The TDS Rates may be subject to change ...