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Understanding TDS (Tax Deducted at Source)
TDS Basics:
Definition: Tax Deducted at Source (TDS) is a means of collecting income tax in India, under the Income Tax Act of 1961.
Purpose: It ensures that tax is deducted at the very source of income, making it easier for the government to collect taxes and reduce tax evasion.
How It Works:
Deduction: The entity making the payment (deductor) deducts tax at the prescribed rate from the amount being paid to the recipient (deductee).
Deposit: The deducted amount is then deposited with the Income Tax Department.
- When TDS is Applicable:
- Salaries
- Interest payments by banks
- Rent payments
- Professional fees
- Commission payments
TDS Rates:
TDS rates vary based on the type of income and the recipient’s status (resident or non-resident). For instance, salaries have different rates compared to interest on bank deposits.
TDS Forms:
- Form 16: Issued for salaried individuals, detailing the TDS deducted from salary.
- Form 16A: Issued for non-salary income such as interest, commission, etc.
- Form 26AS: Annual consolidated statement showing details of tax deducted, deposited, and refunds.
Claiming TDS:
The deductee can claim the TDS amount as a credit against their final tax liability while filing their income tax return.
TDS helps streamline tax collection and ensures a steady inflow of revenue for the government throughout the year. It also simplifies the tax payment process for taxpayers by deducting tax at the source of income.
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