9/12/2023 0 Comments Easy crosswords for seniors![]() The person who receives the payment after the deduction of tax is called the deductee. There are different TDS rates for different types of incomes.Ī deductor is the person responsible for deducting tax. No, TDS is not deducted at the same rate from all incomes which are subject to TDS. Is TDS deducted at the same rate from all types of income which are subject to TDS? The payer of income deducts the tax from the gross payment due and pays the net amount (i.e. While receiving payment which is subject to TDS, the deductee is required to provide his PAN details to avoid tax deduction at the higher rates. On the other hand, TDS can be avoided on incomes such as dividend, interest from fixed deposits by submitting Form 15G/H. For instance, an individual cannot submit Form 15G/H to avoid TDS on money earned from playing online games. However, it may happen that an individual is not allowed to submit Form 15G/H to avoid TDS on certain incomes. If a person expects that his total income in a financial year will be below the exemption limit, he can ask the payer not to deduct TDS by submitting Form 15G/15H. For senior citizens, TDS on interest received on FD will be applicable if it crosses Rs 50,000 in a single financial year. For example, there will be no TDS on the total interest received on FD/FDs from a single bank if it is less than Rs 40,000 in a year from that bank. No TDS will be deducted if the value does not cross the specified level.ĭifferent threshold levels are specified by the Income Tax department for different payments such as salaries, interest received etc. One must remember that TDS on specified transactions is deducted only when the value of payment is above the specified threshold level. TDS only applicable above a threshold level Once deposited this amount reflects in the Form 26AS/AIS of individual deductees. ![]() The deductor is duty bound to deposit the TDS with the government. The deductee can claim this TDS amount as tax paid by him (i.e., the deductee) for the financial year in which it is deducted. The recipient also gets a certificate from the deductor stating the amount of TDS. The entity making a payment (which is subject to TDS) deducts a certain percentage of the amount paid as tax and pays the balance to the recipient. Mutual Funds Spend P2P Data Center Fuel Rates Diesel Rates Petrol Rates Bank Pan Number Bank holidays Penny Stocks MF Ratings & NAV Top Performing Schemes Top Star Rated Schemes Top Tax Saving Schemes Highest Risk Adjusted Return New Fund Offers Forthcoming Dividends NPS Top Performing NPS Scheme Most Consistent NPS schemes ETF Perfomance Latest Prices Listed Bonds Traded in Cash Market ULIPs ULIP Schemes Calculators Recurring Deposit Calculator Fixed Deposit Calculator LTCG Tax Calculator Income Tax Calculator Rent Receipt Generator SIP Calculator IFSC Bank Code NPS Calculator Invoice Generator EPF Calculator House Property Income HRA Calculator Sukanya Samriddhi Calculator Education Loan Calculator Car Loan Calculator Home Loan Calculator Personal Loan Calculator Risk Tolerance Calculator Financial Fitness Calculator Buy Online Health Insurance Car Insurance 2 Wheeler Insurance Interest Rates Recurring Deposit Rates Fixed Deposit Rates Bank Fixed Deposits Rates Post Office Schemes Rates MCLR Loan EMI Participate & Win Stocks & Shares ET Wealth ET Wealth Editions Buy Wealth Magazine ET Wealth NewsletterĪlso Read: How TDS on crypto, other NFTs will workĪlso Read: How gaming companies will deduct TDS from online winsĪlso Read: TDS on EPF withdrawals reduced in certain casesĪlso Read: TDS is applicable on Mahila Samman Savings Scheme, says CBDT
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