Under Tax Deducted at Source (TDS) system, tax is deducted at the origin of the income i.e tax is deducted by the payer at the time of making payment and the same is deposited to the Government by the payer on behalf of the payee.
TDS provisions under Income Tax are applicable to various payments such as salary, interest, commission, professional fees, royalty, contract payments, etc. In respect of payments to which the TDS provisions apply, the payer has to deduct tax at source on the payments made by him and he has to deposit the tax deducted by him to the credit of the Government.
The Tax Deducted at Source must be deposited to the government by the 7th of the subsequent month. For example, TDS deducted in the month of September must be paid to the government by 7th October.
tds
The Finance Act 2021 has introduced a new Section 194Q providing for TDS on purchase of goods with effect from 1st July 2021. Read more...
TRACES (TDS Reconciliation Analysis and Correction Enabling System) is an integrated platform for providing services to TDS deductors. On the Login page, enter valid login credentials...
The threshold limit for deduction of TDS on rent is Rs 2,40,000. The tenant is required to deduct TDS at the prescribed rate under section 194I....
The Govt notified that no deduction of tax shall be made on the following payment under section 194A of Income Tax namely payment in the nature of interest...
Step 1 Visit the NSDL website (Income Tax department site) to pay TDS online. On this page, select ‘CHALLAN NO./ITNS 281’ under TDS/TCS section....