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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 tax deducted from the full payment sum is used by the government for a variety of purposes, including building infrastructure, defence, and growth, and a specific type of tax (TDS) is imposed depending upon the nature of service and is intended to be deducted by the payer. The deductee is entitled to claim 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.

Tax Exemption Under 80C

Section 80C is amongst the most well-known sections with taxpayers 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 payer 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:

  • 80CCC
  • 80CCD (1)
  • 80CCD (1b)
  • 80CCD (1c)

Tax Exemption Under TDS

TDS exemption rates are applied based on the following criteria:

Exemption of TDS on Insurance

Premiums paid for insurance policies are not taxable income, but you may have to pay TDS on claim if the policy matures.

House Rental Earnings

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.

Claim for TDS Refund

If you pay more TDS than is necessary based on your income, you can apply for a TDS refund claim online.

Benefits of TDS on Mobile Bills

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 the 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.

TDS SLAB for TDS Calculator FY 2019-20 (AY 2020-2021)

Section

Type Of Payment

TDS Rates For HUF/Individuals
(Indian Citizens)

TDS Rates For NRI’s In India

192

Income From Salary

As Per Given Income Tax Rates

As Per Income Tax Rates

194

Income From Lotteries, Cards, And Other Games

30

30

194BB

Income Through Horse Racing Wins

30

30

194EE

Contributions Towards NSS Deposits

10

10

194F

Payment For Mutual Funds Or Unit Trust Of India

20

20

194G

Income Earned Through Commission, Sales Of Lottery Ticket And Other Transactions

5

5

194LBB

Investment Fund Income For Unit Holder (apart from the exemption for income under Section 10 (23FBB) )

10

30

194LBC

Income From Investment Scrutinisation Funds In Accordance With Section 115TCA

25 & -30 For Anyone Else

30

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 the deadlines.

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