Kotak Assured Savings Plan
A plan that offer guaranteed returns and financial protection for your family.
Kotak Guaranteed Savings Plan
A plan that offers long term savings and insurance in one premium.
Kotak Health Shield
Insurance against medical expenses related to heart, brain, liver and Cancer.
TDS is the tax deducted at source from income payment at the time of making essential payments, such as rent, profit, professional fees, salary, interest, and so on by the people who make those payouts. In most cases, the individual who receives money is responsible for paying income tax. However, the government ensures that income tax is taken in advance from your payments by using Tax Deducted at Source (TDS) regulations. After deducting TDS, the net amount is given to the income receiver. The total amount is added to the recipient’s income, and the amount of TDS is deducted from their ultimate tax liability. The receiver is given credit for the money which has already been deducted and paid on their behalf.
Businesses are also obligated to subtract TDS on salary under Section 192 at the time of giving wages and salaries to their employees. The remaining amount after deduction of TDS is due to be given to the employees. TDS on salary needs to be collected based on the taxpayer’s average income tax rate for the financial year. The average earnings taxation rate is determined using the income tax slab rates in effect for that fiscal year. Every financial year has a different rate. For example, by tilizing TDS calculator for FY 2019-20 you can find out what TDS slab you fall into each year.
TDS On Salary Limit 2019-20 |
TDS Calculator FY 2019-20 |
Income up to INR 2.5 Lakhs |
NIL |
Income From INR 2.5 Lakhs to INR 5 Lakhs |
5% Of Total Income |
Income From INR 5 Lakhs to INR 10 Lakhs |
20% Of Total Income + INR 12,500 |
Income > INR 10 Lakhs |
30% Of Total Income + INR 1,12,500 |
While TDS is normally taken from a life insurance policy’s maturity value, it is not the same everywhere. Under Section 10 (10D), you can save TDS on life or term insurance if:
TDS Tax benefits on specific allowances exist, just as they do for other forms of taxes. The Income Tax Department offers TDS exemptions and tax benefits under the following conditions:
To summarize, if you don’t have the right and adequate understanding of TDS, the entire notion might be confusing. Although, after completing thorough research and becoming aware of everything that it includes, this feature of a perfectly operating economy only serves to benefit everyone.
Ref. No. KLI/22-23/E-BB/490
