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Ref. No. KLI/22-23/E-BB/492
Ref. No. KLI/22-23/E-BB/490
Section 80C of ITA states that there are limitations on the tax return amount for both spendings and investments. An individual can claim deductions worth ₹1,50,000.
TDS (Tax Deducted at Source) is a taxation procedure in which the person or an organization in charge of making a payment deducts the appropriate tax before allocating the payment to the receiver. Salary, incentive, commission, FD interest, rental income, and other regular payments that are taxed using the TDS technique are some examples of the same. The TDS rates which apply to particular payments are specified in the Income Tax Act of 1961; like for instance, in most circumstances, TDS on insurance claim in the event of maturity is applicable.
Any corporation has the discretion to deduct tax at source when issuing a payment to an employee. When employees are paid, most employers subtract taxes from their wages, and the TDS deducted from an employee’s entire income is eligible for tax claims. TDS is really not collected if your overall income is less than ₹2,50,000. Both men and women under the age of 60 are eligible for this amount. It is generally taken from a person’s pay and ranges anywhere between 10% to 30%.
Section |
Type Of Payment |
TDS Rates For HUF/Individuals |
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 |
The whole point of TDS isn’t just about paying taxes. It also has a side that provides TDS benefits to deductees, which we shall discuss now. TDS offers tax exemptions in the following cases:
House Rent Allowance or HRA can be used by a salaried individual who lives in rental housing. This might be excluded from income tax entirely or partially.
If you pay more TDS than is warranted based on your income, you can claim a TDS refund online for the difference.
A taxpayer’s cell and home phone bills may be deductible. An employee can seek a tax-free compensation of expenditures incurred under the income tax legislation. Further, they can seek reimbursement for either the exact bill amount paid or the amount included in their wage package.
These days, corporations have many sites around the country. There’s a chance you’ll be asked to relocate to a different part of the city for commercial reasons. Such a move might result in costs such as relocating to a new home, moving heavy things, automobile transportation, vehicle registration, enrolling your children in a new school, etc. Fortunately, the employer is responsible for these costs.
Premium paid for an insurance policy is not taxable, but if the policy matures, you may have to pay TDS on insurance claim.
To summarize, the TDS percentage varies according to the level of income. These TDS rates are set by the government to contribute to the country’s growth, taking into account the current economic situation, inflation rate, and other unforeseen costs.
Ref. No. KLI/22-23/E-BB/999
Ref. No. KLI/22-23/E-BB/490
