Tax Deducted at Source or TDS is an amount that is reduced when specific payments, such as professional fees, interest, rent, commission, salary, etc. are made. If you are making a payment, then you’ll deduct tax at the source, while the person who receives the income/payment will have the liability to pay tax. Now, read below to know on what amount TDS is deducted:
Your employer will deduct TDS according to the applicable income tax slab rates in case you’re a salaried individual. The bank in which you have a salary account will deduct TDS at 10 percent. I must tell you that the TDS at 20 percent will get deducted in case you don’t have your PAN details. I hope you know TDS will be deducted on which amount in this case.
TDS will not get deducted in case you are a HUF (Hindu Undivided Family) member or an individual, and your books aren’t needed to be audited.
If a HUF member or an individual makes a rent payment, where the payable amount is more than Rs. 50000, then a TDS at 5 percent will get deducted even if your books aren’t liable for a tax audit.
You don’t have to pay any tax if you give your investment proofs to your employer and your total taxable income is less than the total taxable limit. In this case, TDS will not get deducted. If your total taxable income is below the total taxable threshold, then Form 15H and Form 15G can be submitted to the bank. In this case, the bank won’t deduct any TDS on your interest income.
I hope now you understand TDS will be deducted on which amount.
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Read more: How to calculate TDS on professional fees? How long does it take to get TDS refund? How to deduct TDS on GST bill? How to deposit TDS online?Your Feedback Matters! How was this Answer?
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on what amount TDS is deducted?
Parul
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3 Year
2021-09-16T16:55:46+00:00 2021-09-28T18:13:44+00:00Comment
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