iv. TDS on Salary
Besides Salary income I have other income on which tax is not deductible. Do I need to inform my employer about this for deduction of tax?
You may inform your employer so as to enable him to determine the correct tax deductible from your income. In case you don’t provide these details to your employer, you may wish to pay advance tax on the income other than income from Salary.
Inadvertently, I have given wrong PAN to my employer deductor. What are the consequences?
The consequences of providing wrong PAN are identical to those of not providing the PAN. That is, if you have not provided your PAN then your employer may deduct tax from your income at higher of the rates in force or 20% of the income credited to ...
Will it affect my TDS if I do not provide my PAN to my employer deductor?
Yes. Any person who is entitled to receive the amount (income) on which tax is deductible, must provide PAN to the deductor. If you have not provided your PAN then your employer may deduct tax from your income at higher of the rates in force or 20% ...
I, as an individual/HUF, am paying rent of Rs. 50,000. How will I deduct TDS on this rent paid?
In this case, you are required to deduct TDS @ 5%, as mandated u/s 194IB of I-T Act. You must deposit this TDS to the government within 30 days from the end of the month in which the tax is deducted. You should furnish a challan (cum) statement in ...
How can I claim a refund on the excess TDS deducted from my income?
Excess TDS can only be refunded if you file your income tax return. Banks or other deductors cannot refund TDS to you, since they have already deposited it to the income tax department. After filing returns, the I-T Dept. will refund your excess tax ...
How do I avoid TDS on my income if I expect my total income to be below the exemption limit?
In case of interest income being more than Rs.10,000 in a year, banks are liable to deduct TDS. The bank calculates this limit based on deposits held in all its branches. Similarly, TDS is deducted from EPF withdrawals, corporate bond incomes, post ...
What is form 15G/15H?
Form 15G and Form 15H are forms you can submit to make sure TDS is not deducted on your income subject to certain conditions. Form 15H is for those who are above 60 years of age; while Form 15G is for others. These forms are valid for one financial ...
How do I inform my employer about my estimated tax liability of a particular assessment year?
As per Rule 26B, you may inform about your other incomes, your loss or TDS deducted somewhere else through a statement prepared with requisite proofs.
How do I know what rate of TDS is applicable to my income?
There are different TDS rates described in different sections of the Income Tax Act, depending on the type and manner of the payment. TDS is deducted by estimating the likely tax amount on your income as per the slab rates currently prevailing for ...
Where do I find the details of the TDS deducted from my income throughout the year?
All the details regarding TDS at every source of income throughout the year, the amount of tax deducted and deposited in the person's name/PAN is available in Form 26AS.
Who is a deductor and deductee?
Deductor: The person who is making the payment is responsible for deducting the tax and depositing the same with government. This person is known as 'deductor'. It is usually the employer, or the tenant, or any person making the payment. Deductee: ...
What is TDS? Why is it mandatory to be deducted from my salary?
TDS stands for 'Tax Deducted at Source'. The purpose of TDS is for the government to collect tax at the source from where a taxpayer’s income is generated. TDS is used as a tool to minimise tax evasion by taxing a part (or whole) of the income at the ...