When did TDS start in India?

To simplify the 50 years old Income-tax Act, 1961,’The Direct Taxes Code Bill, 2010′ was introduced in the Parliament.

How much is the TDS in India?

TDS Rate Chart

Annual Income Tax Rates
Up to Rs.3,00,000 Nil
Rs.3,00,001-Rs.5,00,000 5%
Rs.5,00,001-Rs.10,00,000 Rs.10,00 + 20% of income above Rs 5 lakhs
Above Rs.10,00,000 Rs.1,10,000 + 30% of income above Rs 10 lakhs

When was TDS started?

TDS on immovable property. 1. Section 194IA of Income Tax Act, 1961. It seeks deduction of tax at source on transfer of certain immovable property other than agricultural land to a resident transferor.

What is TDS rule?

TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at the source if the payment exceeds certain threshold limits. It is the deductor’s responsibility to deduct TDS before making the payment and deposit the same with the government.

What is TDS salary slip?

FAQs. TDS refers to tax deducted at source of income itself. In the case of TDS on salary, it relates to the tax deduction made by an employer on your salaried income.

What is TDS example?

As the name suggests, the concept of TDS is to deduct tax at its source. Let us take an example of TDS assuming the nature of payment is professional fees on which the specified rate is 10%. ABC, then XYZ Ltd shall deduct a tax of Rs 5,000/- and make a net payment of Rs 45,000/- (50,000/- deducted by Rs 5,000/-) to Mr.

What was the change in TDs for FY 2014-15?

Minor changes has been made in TDS rates for FY 2014-15 by Finance Minister in Budget . 1. A new section 194DA has been inserted wef 01.10

Is there a TDS threshold for service tax?

Threshold (Rs.) No TDS on service Tax : As per circular 01/2014 dated 13.01

Which is the date of withdrawal of TDs?

TDS u/s section194A ,the interest income payable by special purpose vehicle to a business trust has been withdrawn wef 01.10

What are the advantages and disadvantages of TDs?

Advantages of TDS 1 As tax deduction takes place throughout the year, it ensures a continuing flow of revenue to the Government. 2 It is a measure to prevent tax evasion. 3 It helps in increasing the tax reach as it is deducted at the time of payment itself preventing the commitment of fraud.