When is tds applicable

It can be submitted if there is no tax on total income. Form 15G is for everybody else, except NRIs. It can be filed if tax on total income is nil and total interest income is less than the basic exemption limit.

Mutual Funds. Term Insurance. Motor Insurance. Health Insurance. Your actual tax liability would be calculated on the total taxable income. From the taxes calculated, you can claim credit for TDS deducted on your various receipts. Reduce the tax deducted at source from your actual tax liability to know the balance to be paid to the income tax department.

You may have a refund too. In both cases, you have to file an income tax return and pay the tax due or claim a refund. This is applicable when the total tax deducted or collected is more than Rs.

Check out the late filing fee and interest applicable. From FY , you can choose to pay income tax under an optional new tax regime. According to Section O, an e-Commerce operator is required to deduct TDS for facilitating any sale of goods or providing services through an e-Commerce participant. Read in detail here. Read the article to understand the implications of section K. There are certain situations where the recipient would not have PAN. In such circumstances, the payer is required to adopt the provisions of Section AA.

Organisations or taxpayers that deduct taxes at source can view the filed TDS statement on the income tax e-filing portal. Read here to know more. Those who deduct tax at source must have a TAN. Union budget was presented on 5th July New section M was introduced in the Income tax act via finance bill Read here about section M. Tax collected at source TCS is the tax payable by a seller which he collects from the buyer at the time of sale. Let us know everything about TCS.

Was this article helpful? Have a query? ITR Resources. Mutual Fund Resources. Terms Privacy Legal. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. The concept of TDS was introduced with an aim to collect tax from the very source of income.

As per this concept, a person deductor who is liable to make payment of specified nature to any other person deductee shall deduct tax at source and remit the same into the account of the Central Government.