TDS Rates

Download Form 16B Online from TRACES Website

Download Form 16B Online from TRACES Website

Form 16B is a TDS Certificate which reflects that the amount deducted as TDS on Property by the Buyer has been deposited with the Income Tax Department. At the time of sale of immovable property, the buyer is required to deduct TDS on Property @ 1% from the amount he has to pay to the seller. This amount is then […]

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TDS on Property Sale @ 1% under Section 194IA

TDS on Property Sale @ 1% under Section 194IA

The Indian Finance Minister P. Chidambaram while announcing the Budget 2013-14 introduced TDS on Property @ 1% on all Immovable Property Transactions over Rs. 50 Lakhs under Section 194IA. Reason for Introduction of TDS on Property P. Chidambaram while introducing TDS on Property said that Transactions of Immovable Property are usually undervalued and under-reported. Almost half of the Transactions don’t even […]

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TDS Return Filing Online: Due Date and Procedure for Filing

TDS Return Filing Online: Due Date and Procedure for Filing

TDS Return is required to be filed by the assessee who has deducted the TDS. TDS Returns are required to be filed after specified intervals and details to be furnished in these returns include fields like TAN No., TDS Payment, amount deducted, type of payment, PAN No. etc. Recommended Read: Procedure for deposit of TDS Payment online TDS Return Form […]

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TDS on Service Tax not to be deducted: Amt exclusive of Service Tax

TDS on Service Tax not to be deducted: Amt exclusive of Service Tax

As per Indian Tax Laws, at the time of making any a payment, the receiver of service is required to do 2 things:- Pay Service Tax on the services received Deduct TDS on the payment made However a confusion which has arose is whether TDS on Service Tax is also liable to be deducted or TDS on service tax is […]

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Computation of Tax on Fixed Deposit (FD)

Computation of Tax on Fixed Deposit (FD)

The interest that is earned on the Fixed Deposit is not tax free but is taxable. The tax on fixed deposit is levied as per the Income Tax Slabs of the person earning the interest. (Recommended Read:- Income Tax Slab Rates) As the income tax slab rate is different for different individuals, the Tax on Fixed Deposit is also different for […]

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TDS Rate Chart for 2014-15

TDS Rate Chart for 2014-15

At the time of making the payment, the person making the payment shall deduct TDS as per the following TDS Rate Chart. Section No. Payment for the purpose of TDS not required to be compulsarily deducted if payment expected to be made during the year is less than TDS Rate for Payment to Individual/ HUF Others 192 Salary Minimum amount not […]

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Tax Collected at Source, TCS Rates in India

Tax Collected at Source, TCS Rates in India

Tax Collected at Source (TCS) is to be collected by the seller from the buyer at the time of sale of specified category of goods. The TCS Rate is different for each category of goods and the TCS so collected by the seller from the buyer is to be required to be deposited with the govt. The current TCS Rates […]

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Section 194J: TDS on Professional/ Technical Fees @ 10%

Section 194J: TDS on Professional/ Technical Fees @ 10%

As per Section 194J of the Income Tax Act, TDS is to be deducted @ 10% on any amount paid to any resident as:- Fees for professional services, or Fees for technical services, or Royalty, or Any sum referred in Section 28 (Discussed below) Exceptions to TDS Deduction under Section 194J No TDS should be deducted under section 194J if […]

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TDS on Commission/Brokerage – Section 194H

TDS on Commission/Brokerage – Section 194H

TDS on Commission/Brokerage is required to be deducted under Section 194H by the person making the payment by way of commission or brokerage. TDS on Commission/Broker is required to be deducted @ 10% at the time of:- Making such payment or Credit of such income to the account of the payee in the books of the person deducting such TDS […]

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Form 12B for furnishing TDS Details to new employer

Form 12B for furnishing TDS Details to new employer

Form 12B is required to be furnished as per Rule 26A by a person joining any organisation in the middle of the year and is a form for furnishing the details of income earned from the previous employer. It is a form required to be submitted by the new employee to the employer and requires details like Details of your […]

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