What is the rule for TDS deduction?
The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government.
What is TDS section 192b?
Under Section 192, TDS is deducted at the time of actual payment of salary and not during the accrual of salary. It means tax will be deducted if your employer pays salary in advance or at the time of salary payment in arrears.
Where Is TDS applicable?
TDS rate: As applicable to individual based on his income and deductions. Interest income: TDS is deducted by banks on FDs and RDs if the interest exceeds Rs 10,000 a year. TDS does not end tax liability. Someone in a higher tax slab will need to pay additional tax.
Is TDS refundable or not?
You can claim a TDS refund at the time of filing your income tax returns (ITR) for the financial year. The TDS refund process is easy and does not take a long time, provided you have the necessary documents.
What is Section 192A?
Section 192A of Income Tax Act is concerned with the TDS on premature withdrawal from EPF. It directs the Employees’ Provident Fund Scheme, 1952 to deduct TDS when employees do not meet the provisions mentioned under Rule 8, Part A of Fourth Schedule.
Who is applicable for TDS?
The Finance Act 2020 specifies that All individuals & HUF will be liable to deduct TDS if the revenue exceeds Rs. 1 Crore in the case of corporation and Rs. 50 Lakhs in the case of the profession in the previous year. Such revisions shall take effect from 1 April 2020.
What is the TDS for 500000?
500,000 and Rs. 10,00,000 then Tax Rate is 20% If Income is Above Rs. 10,00,000 then Tax Rate is 30%
Who is eligible for TDS return?
Who is Eligible for TDS Return? Employers and organisations with a valid TAN are qualified for filing TDS returns. Individuals whose accounts are audited under Section 44AB, and hold an office under the government or companies are liable to file online TDS return every quarter.
What is 194ja and 194jb?
u/s 194J(a) of the Income Tax Act, is related to TDS deduction on fees for Technical Services, and u/s 194J(b) of the Income Tax Act is related to TDS deduction on fees for Professional Services.
What is the TDS for 750000?
10%
New Tax slab(optional)
| Total Income (Rs) | Simplified, optional Tax rate |
|---|---|
| Up to Rs 2.5 Lakh | NIL |
| From 250,001- Rs 500,000 | 5% |
| Rs 500,001- Rs 750,000 | 10% |
| From Rs 750,001- Rs 10,00,000 | 15% |