Section 194K has been inserted with effect from 1st April 2020 by our FM Nirmala Sitharaman. This section of the Income tax act, 1961, includes a tax deduction on the amount paid on the units of mutual fund to a resident individual.Government has abolished dividend distribution tax (DDT), due to which, now dividend income will be taxable in the hands of the receivers or … [Read more...] about Tax deduction at source (TDS) in respect of income from mutual fund – Section 194K
TDS
TDS Rates-Applicable to a person other than a company
Applicable for the Assessment year 2020-21Particulars TDS Rates (in %) where the person is resident in India- Section 192: Payment of salary Normal Slab Rate Section 192A: Payment of accumulated balance of provident fund which is taxable in the hands of an employee. 10 Section 193: Interest on securities a) any debentures or … [Read more...] about TDS Rates-Applicable to a person other than a company
TDS Rates – Applicable to a company
Applicable for the Assessment year 2020-21Particulars TDS Rates (in %) 1. In the case of a company- 1.1 where the company is a domestic company- Section 193: Interest on securities a) any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act; 10 b) any … [Read more...] about TDS Rates – Applicable to a company
Form 16 Explained: A Salaried Individual’s Guide to TDS Certificates
Employers are required to deduct tax (TDS) from the salaries of employees if their total taxable income exceeds the basic exemption limit as per the income tax slabs.Employers must calculate TDS based on the employee's estimated annual income, applying any eligible deductions (such as those under sections 80C, 80D, etc.) to determine the net taxable income.The TDS … [Read more...] about Form 16 Explained: A Salaried Individual’s Guide to TDS Certificates
Understanding Tax Deduction at Source (TDS) in India: A Comprehensive Guide
Understanding taxes in India can be tricky, especially if you’re new to the topic. One important way the government collects taxes is through Tax Deducted at Source (TDS). This system helps ensure that taxes are paid regularly, making the process smoother for both individuals and businesses.In this simple guide, we’ll break down everything you need to know about TDS, how it … [Read more...] about Understanding Tax Deduction at Source (TDS) in India: A Comprehensive Guide