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Ref. No. KLI/22-23/E-BB/492
Ref. No. KLI/22-23/E-BB/490
Tax deducted directly from sources of income is referred to as TDS. When it comes to TDS on salary, it refers to the tax withholding an employer makes from your wage.
TDS or Tax Deducted at Source is a sort of tax in which a person is supposed to deduct tax for the services given. The government uses the tax deducted from the full payment sum for a variety of purposes, including building infrastructure, defense, and growth, and a specific type of tax (TDS) is imposed depending upon the nature of the service.
It is intended to be deducted by the person. The deductee can claim a TDS refund online or offline if the deductions are more than the necessary tax amount. The person must file something known as a TDS Return to get the return. TDS can be collected on a monthly, periodic, or one-time basis, and it pertains to salaries, interest, commissions, and fees, among other things.
TDS (Tax Deducted at Source) is a crucial aspect of the Indian tax system and plays a vital role in determining the tax liabilities of individuals and organizations. With the introduction of the TDS SLAB, taxpayers can now accurately calculate their TDS liability based on the latest tax slab.
This tool is designed to simplify the tax calculation process and make it easier for taxpayers to understand their tax obligations. Whether you are an individual taxpayer or a business owner, this TDS Calculator is the ideal solution for calculating your TDS liability in an accurate and efficient manner.
So, let’s dive in and learn more about the TDS SLAB for TDS Calculator FY 2022-23 (AY 2023-24).
Source: https://incometaxindia.gov.in/Pages/tax-services.aspx
Particulars |
Section |
TDS Calculator FY 2022-23 |
Salary |
192 |
Relevant slab rate |
Extraction from the Employee Provident Fund |
192A |
10% |
Yields from a mutual fund or unit trust repurchasing any unit |
194F |
20% |
commission for brokers |
194H |
5% |
Issued by a corporate or local government agency. Debenture granted by the federal or state governments. Corporate securities or bonds and additional debt instruments |
193 |
10% |
Deposits placed under the National Savings Scheme will generate income. |
194EE |
10% |
Amount paid out in response to a life insurance policy. |
194D |
5% |
Commissions received from the sale of lottery tickets |
194G |
5% |
Earnings from betting on horse races |
194BB |
30% |
Dividends other than those listed in Section 115-O |
194 |
10% |
Income from a structure or piece of land Furnishings or fixtures Machinery and equipment Regarding royalties and technical services, payment Professional services; no sharing of patents, know-how, or intellectual property, etc. |
194-I |
10% 10% 2% |
Term deposits’ interest yields Note: If such interest income does not exceed ₹40,000 (for regular tax persons) or ₹ 50,000 (for senior citizens), respectively, in a particular Financial Year, TDS does not apply. |
194A |
10% |
Insurance commissions provide income. |
194D |
5% |
Income from selling any transportable item other than land for agriculture |
194-IA |
1% |
Profits from games of chance, card games, crosswords, etc. |
194B |
30% |
Revenue from Units of mutual funds Units of a certain organization Units from the administrator |
194K |
10% |
Rental income from a HUF or an individual that isn’t included in |
194-IB |
5% |
money received as compensation for the sale of a particular piece of real estate |
194LA |
10% |
HUFs or individuals’ earnings (up to ₹50 lakh) |
194M |
5% |
If a person or HUF’s rent revenue under Joint Development Agreements is greater than ₹50,000 per month |
194-IC |
10% |
Any amount of cash income - Over ₹20 lakh but not exceeding ₹1 crore Over ₹1 crore rupees |
194N |
2% 5% |
Securitization fund earnings by - Individuals and HUFs Others |
194LBC |
25% 30% |
Particular earnings made by an investment |
194LBB |
10% |
Regarding royalties and technical services, payment Professional services; no sharing of patents, know-how, or intellectual property, etc. |
194J |
2% 10% |
Tax Exemption Under 80C
Section 80C is amongst the most well-known sections for tax persons since it permits them to lower their tax liability by undertaking tax-saving investments. It provides a maximum deduction of ₹1.5 lakh from the overall income of the person each year. Individuals and HUFs can both take advantage of this exemption, and this deduction is not available to corporations, partnership businesses, or LLPs. Tax exemption under 80C and its subsections are as follows:
TDS exemption rates are applied based on the following criteria:
Premiums paid for insurance policies are not taxable income, but you may have to pay TDS on a claim if the policy matures.
A paid employee who lives in rented accommodation can use the House Rent Allowance or HRA. This might be completely or partially exempt from income tax.
If you pay more than necessary based on your income, you can apply for a TDS refund claim online.
The cost of a taxpayer’s mobile phone and home phone may be deducted. An employee can request a tax-free reimbursement for expenses incurred under income tax laws. A request for compensation of either the exact amount paid on their bill or the amount included in their salary package (whichever is smaller) can be raised.
In conclusion, it is always a good idea to keep a watch on the new TDS slab information in order to stay up to date on the newest guidelines, tax percentages, and even deadlines.
The certificate of tax deducted at source, or Form 16/ 16A, is given out when the employer deducts tax on behalf of the employees. These certificates offer TDS/TCS information for numerous transactions involving the deductor and the deductee.
Before releasing the interest, anyone who is transferring interest income from securities to an Indian resident must deduct taxes. 10% is the tax rate under Section 193.
Any person who gives perks or benefits to any residents in exchange for them engaging in any business or profession must deduct TDS at a rate of 10% under the new Section 194R.
The average income tax rate calculates the TDS is equal to the projected employee income for the financial year divided by the amount of income tax due (calculated using slab rates).
Ref. No. KLI/22-23/E-BB/999
Ref. No. KLI/22-23/E-BB/490
