Tag Archives: Tds Deduction

Paying Rs 50,000 rent? Better cut 5% TDS

Paying Rs 50,000 rent? Better cut 5% TDS Individuals who are paying a rent of over Rs 50,000 every month  required to deduct TDS at 5%. The related section in the Income Tax Act is  section 194­IB — which was introduced by the Finance Act, 2017 and it has broad scope of withholding tax by […]

Deadline for employers to provide Form 16 is May 31

Deadline for employers to provide Form 16 is May 31 Now time has come to an employer to inform you about the taxes deducted in the previous year and get Form 16 i.e. for the financial year 2016­-17. Each month, the employer would have deducted tax at source (TDS) on your salary income and deposited […]

How TDS on salary income works

How TDS on salary income works Typically, in the month of April, being the start of the new financial year 2017-­18, salaried employees are asked by their employers to send ‘investment declaration statement’. The most popular and frequently used deductions are allowed under section 80C of the Income Tax Act, 1961. Few others sections for […]

What if not file Statement of TDS within Prescribed Time

What if not file Statement of TDS within Prescribed Time Charge of TDS recovered Section 200 (1) of the income Tax Act, 1961 (‘Act’ for short) provides that any person deducting any sum in accordance with the foregoing provisions of bankruptcy XVII shall pay in the prescribed time, the sum so deducted to the credit of […]