What is TDS - Taxkundali

TDS stands for tax subtracted at supply. As per the tax Act, any company or person creating payment is needed to deduct tax at supply if the payment exceeds bound limits. TDS ought to get to be subtracted at the rates prescribed by the tax department. the company or one that creates the payment when deducting TDS is thought of as a deductor and so the corporate or person receiving the payment is known as the deductee. it's the deductor’s responsibility to deduct TDS before creating the payment and deposit constantly with the govt. . . TDS has subtracted despite the mode of payment–cash, cheque, or credit–and is joined to the PAN of the deductor and subtracted.



What is TDS - Taxkundali


A person creating such payments that below the Tax Act is needed to deduct TDS at the time of creating such that payment. However, no TDS possesses subtraction if the person creating the payment could also be a non-public or HUF whose books are not indebted to be audited. However, simply just in case of rent payments created by people and HUF surpassing Rs fifty,000 per month, the area unit needed to deduct TDS @ five-hitter albeit the individual or HUF is not responsible for a tax audit. Also, such people and HUF liable to deduct TDS @ five-hitter needn't apply for TAN. Your leader deducts TDS at the tax block rates applicable. Banks deduct TDS @10%. Or they will deduct @ two-hundredth if they do not have your PAN data. for many payments rates of TDS area unit set among the tax act and TDS is subtracted by money handler basis these such rates.


TDS is deducted from different types of payments

  1. Salaries

  2. Rent payments

  3. Commission payments

  4. Consultation fees

  5. Interest payments by banks

  6. Professional fees

  7. Insurance Commission

  8. Interest on securities

  9. Winning from games

  10. Deemed Dividend


How to Claim TDS Refund?


Individuals will claim a TDS refund on the tax website. even so, the tax returns should be filed, and so the TDS refund should be shown. Once the ITR is filed, the TDS refund goes to be processed by the tax Department. The refund may well be attributable to the bank accounts by half a dozen months. People also can check the standing of the refund with the assistance of the e-filing website login.


What is a TDS Certificate?


TDS Certificates area unit of 2 types: kind sixteen and kind 16A. below Section 203 of the tax Act, 1961, a certificate should be provided to the deductee showing the quantity that has been ablated as tax. The deductor is liable to offer this kind to the deductee. If you know about more TDS and Tax and indirect tax, then Taxkundali is one of the top CA Firms in India. our company have 7 years of experience in tax consultant in Jaipur, Rajasthan
Location: Jaipur, Rajasthan, India

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