We are sharing with you some insights on good practices related to tax deductions for non-salary related payments:
- Based on the type of payment, make sure the Section is properly determined
- For each Section, be aware of the threshold limit applicable for exemption of deductions
- Check out the percentage of tax to be deducted
- This percentage may vary for individuals and non-individuals – check it out
- Percentage may not be the same for all months in a financial year – be careful
- Make sure deductions are done on time – delayed deductions also attract interest
Click Here to view the latest TDS / TCS Chart with associated information.
Hope you have found this useful.
SIR
TDS BE SCRAPPED AND GOVT MUST HAVE FAITH IN TAX PAYERS WHO WILL PAY ADVANCE/SELF ASSESSMENT TAX BUT UNFORTUNATELY GOVT HAS MORE FAITH IN DEDUCTORS.
DEDUCTORS DO NOT COMPLY WITH ANY RULES AND THEY DEDUCT TDS AND NOT DEPOSIT IN GOVT. A/C FOR MONTHS TOGETHER TO ENJOY FREE MONEY.THEY DO NOT ISSUE TDS CERTIFICATES.FOR NON-COMPLIANCES BY DEDUCTORS,REGULATORS BE HELD RESPONSIBLE FOR VIOLATIONS.CBDT MAY THINK OF ALTERNATE ARRANGEMENTS IF DEDUCTORS DO NOT MEND THEIR WAYS
I am a tax payer coming under the 5% slab. But the TDS on interest i receive from my fixed deposits are levied @10%. Will it results in excess payment of tax? Can i request banks not to deduct tax by submitting Form 15 G and include them in my tax return and pay tax in the respective slab?
Please contact CA or Tax Practitioner for your query.