Specified Payments on Which TDS is to be Deducted

In previous article, we have discussed about persons responsible to deduct TDS. In this article we will discuss about on which payment they have to deduct TDS. Not every payment is liable to deduct TDS. The income tax act specified some payment on which the deductor is responsible to deduct TDS and deposit the same … Read more

Form 16 – FAQ on Form 16 – All Confusion Cleared!

form 16

When it comes to online filing of income tax, it becomes focal to ensure that Form 16 is maintained with the assessee for simplifying the return filing procedure. Form 16 is also known as Salary TDS Certificate. The TDS certificates have to be issued within the prescribed time in the prescribed forms as under: Form … Read more

25 Most Asked Questions on TDS – All Clarified with Examples!

25 most asked questions on tds

FAQs on Tax Deducted at Source (TDS) Q.1) What is tax deducted at source? For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called as “Tax Deducted at Source”, commonly known as TDS. Under this system … Read more

25 Most Common Questions Asked on TAN – All Confusion Cleared!


Q.1) What is TAN? TAN i.e. Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting tax at source or collecting tax at source. It is compulsory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment … Read more

TDS Rates Chart [F.Y.2018-19 A.Y.2019-20]

Download TDS Rates Chart (F.Y.2018-19 A.Y.2019-20) You can download TDS rates chart in excel and pdf format for Resident or Non-Resident payee. You can also check TDS rates without downloading these file from the tables given below. Download TDS Rates Chart (Resident Payee) PDF Format Download Download TDS Rates Chart (Resident Payee) Excel Format Download … Read more

TDS Returns – All You need to Know about TDS Return [F.Y. 2018-19]

Every layman afraid from TDS because of difficult process of deduction, payment, Return, Statement etc. But we will try to make it simple as every layman can play with TDS. In this article, we will discuss about What is eTDS return, how to file TDS Return, Where to file it, How to prepare it, software … Read more

TCS Rates Chart for A.Y. 2019-20, F.Y. 2018-19

Every seller who comes under the specified goods as prescribed by Income tax act collect TCS from the buyer at prescribed rates and deposit the same in the account of Income Tax Department. The TCS will be collected as mentioned in the following table. The table shows nature of payment, TCS rates and status of … Read more

TDS Returns and Payment Due Dates F.Y.2018-19

Every person who are responsible to deduct TDS or Collecting TCS shall furnish a quarterly statement/return and deposit TDS for the period ending on 30th June, 30th September, 31st December and 31st March of each financial year. This TDS Calendar due dates chart  (F.Y. 2017-18) or (A.Y.2018-19) will help you to file your TDS return … Read more

Consequences of Failure to Deduct or Pay TDS u/s 201

Here you will get the complete detail about Consequences of failure to deduct or pay TDS – Deduction of Tax at Source (TDS), Collection of Tax at Source (TCS)/Withholding Tax – Income Tax SECTION 201(1): FAILURE TO DEDUCT OR FAILURE TO PAY TDS If any person who is liable to deduct TDS does not deduct … Read more

Section 193 – TDS from Interest on Securities – Quick Summary

TDS from Interest on Securities u/s 193 – Quick Summary Person Responsible to Deduct Tax Government/ Local/ authority/ statutory corporation company  Central Govt. in case of 8% (taxable saving bonds) Exemption Limit Exempt Categories monetary limit of Rs. 5,000 in case of listed or unlisted debenture; otherwise no minimum Rs. 10,000 in case of 8% … Read more

TDS on Salary: Easy Way to Calculate TDS on Salary

The most confusing concept in whole TDS is “TDS on Salary” as readers always asked questions about the topic. In this article, we will cover all the topics related TDS on salary like how to deduct TDS on salary, how to calculate tds on salary, deposit TDS, submission of statements, time of deduction, annual salary … Read more

Who is Liable to Deduct TDS for F.Y.2018-19

Any persons responsible for making specified payment (check here specified payment) as prescribed in income tax are liable to deduct tax at source.  The obligation to deduct tax at source is upon the person responsible for paying the income/amount which is subject to TDS. What is the rate of TDS? Its depends on the nature … Read more

Section 194H – TDS on Commission & Brokerage

A complete guide of section 194H – TDS on Commission and Brokerage for A.Y.2017-18. Who is Liable to Deduct TDS under section 194H? Any person who is liable to pay commission or brokerage shall deduct TDS. Here we will not talk about insurance commission. The TDS on insurance commission under section 194D has discussed here. … Read more

Section 194G – TDS on Commission on Sale of Lottery Tickets

A complete guide of Section 194G TDS on Commission etc. on sale of lottery tickets Who is Liable to Deduct TDS Under Section 194G? The persons who are paying any commission, remuneration or prize on lottery tickets to a person who has been stocking, distributing, purchasing or selling lottery tickets. What is TDS Rate under … Read more

Section 194EE – TDS on National Saving Scheme

A complete guide on Section 194EE- TDS from Payment in Respect of Deposit under National Saving Scheme etc The person responsible for paying to any person any amount standing to the credit of such person under National Saving Scheme (to which section 80CCA was applicable) together with interest accrued thereon, shall deduct income-tax thereon such … Read more

Section 194E – TDS from Payment to Non-resident Sportsman

Section 194E – TDS from Payment to Non-resident Sportsman or Entertainer or Sports Association: If you are responsible to pay any amount in the way of income to any non-resident sportsman (including an athlete) who is not a citizen of India, you are required to deduct tax at source @ 20% plus surcharge as applicable … Read more

Section 194D – TDS From Insurance Commission

194D – TDS from Insurance Commission – Quick Summary Person Responsible to Deduct Tax Insurance companies Exemption Limit Rs. 20,000 (Reduced to Rs.15,000 w,e,f, 01.06.2016) Time of Deduction of TDS At the time of payment or credit whichever earlier. Time for Deposit of TDS Within one week from of the day of the month of … Read more

How to Avoid TDS on FD Interest by Form 15G & 15H

First of all you need to understand that tax has to be deducted at source by banks on your FD interest. The bank will deduct TDS on interest payment or credited on your fixed deposits. Now, the question is that is there any possibility to avoid TDS on your fixed deposits? The answer is yes, … Read more

TDS on Contract Payments [A.Y. 2018-19] 194C – Up to Date

There is a duty of payer to deduct TDS u/s 194C on making of payment/credited to contractor. Contractor includes a sub-contractor. In this article we will discuss about the TDS deduction and related procedure on payment to contractors & sub contractors. The article is up to date with latest amendment as per finance act 2017. Quick … Read more