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...
If you are under 60 years of age and your total taxable income is Rs. 4 lakhs, TDS (Tax Deducted at Source) will not be applied to your FD interest income as long as the interest earned is Rs. 40,000 or less in a financial year. However, if your interest earnings...
(CBDT) governs the provisions of TDS under the Income Tax Act, 1961. The deductor is referred to the person deducting the tax, and the deductee is the person from whom tax is deducted. TDS payment is made at a specified rate prescribed. No tax is deducted in case the amount doesn'...
Non-Resident Indian or NRI under the Income Tax Act, 1961 (IT Act) is tied to number of days of an individual’s stay in India during a particular financial year. Residential status is determined for every year separately. India includes territorial waters of India and Employment includes self...
4)If you choose to use your Aadhaar number in place of a PAN, you must be careful because filling in an incorrect number will lead to a penalty of ₹10,000 under Section 272B of the Income Tax Act of 1961 5)If you fail to provide your PAN to your employer, who deducts a highe...
Per the Income tax Act, 1961, income tax is deducted at the source by the receiver of the service at the time of advance payment or accounting of credit, whichever occurs first. The person who makes the payment must deduct the tax amount and pay only the net balance to the provider of...
TDS will be reduced from any income that comes under the Income Tax Act. However, if you are an individual or a Hindu Undivided Family (HUF), then no TDS will be reduced and records will not be audited. Based on the applicable income tax slab rates, your employer will deduct Tax deduct...
6/2018 F No Pro DGIT S CPC TDS Notification 2018 19 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income tax Systems New Delhi N
Under Section 192 of the Income Tax Act 1961, an employer deducts the TDS while paying the salary to an employee. An employer has to file the Salary TDS returns in Form 24 Q, which needs to be submitted every quarter. The details of the salary that is paid to employees and the TDS ...
The assessee under the Income Tax Act 1961 has a due date of 2 years to utilize Form 71 in order to amend the incorrect TDS credit issue. What is the Method to Amend the Wrong TDS Filing? Starting on October 1, anyone who wants to change the year of their TDS deduction can do so...