Information about tax deducted at source

How Much Is TDS on Salary?

The tax deducted from salaries is calculated using the same tax slab rates that apply to persons. Your TDS duty will be zero if you are under 60 years old and your income is less than Rs. 2.5 lakh. Individuals who make between Rs. 2.5 lakh and Rs. 5 lakh will be liable to TDS at a rate of 5%, while those who make between Rs. 5 lakh and Rs. 10 lakh and those who make more than Rs. 10 lakh would be subject to a TDS rate of 20% and 30%, respectively.

Tax benefit under section 80g is really beneficial.

For yearly incomes up to Rs. 2.5 lakh, there will be no TDS due under the new tax system. If the yearly income is between Rs. 2.5 lakh and Rs. 5 lakh, there is a 5% TDS obligation. If the yearly income is between Rs. 5 lakh and Rs. 7.5 lakh, 10% of the revenue is subject to TDS. 15% TDS is required if the annual income is between Rs. 7.5 lakh and Rs. 10 lakh. If the yearly income is between Rs. 10 lakh and Rs. 12.50 lakh, 20% of the revenue is subject to TDS. If the yearly income is between Rs. 12.50 lakh and Rs. 15 lakh, there is a 25% TDS obligation. The TDS duty is 30% if the annual income exceeds Rs. 15 lakh.

Full details on 80g deduction.

How do I submit my TDS return online?

There are a few requirements you must meet before filing your TDS return. Here are some of them:-

(a) You need to have a Tax Deduction and Collection Account Number (TAN) that is up to date and registered for electronic filing.

(b) Complete your TDS statements using Return Preparation Utility and then validate them using File Validation Utility.

(c) If you want to upload your returns using a Digital Signature Certificate (DSC), you must have one that is current and registered for e-Filing.

(d) If you want to upload your returns using an EVC, give the Demat account or bank account information for your primary contact, or make sure that his or her PAN is connected to their Aadhaar.

Challan for TDS Payment

The Challan ITNS 281 is the form used for online payments of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source). Tax Deducted at Source / Tax Collected at Source (TDS/TCS) from corporations and non-corporations is subject to Challan No. 281. TDS exception is essentially a method created by the Indian government wherein there is a tax deduction at the source of an income, computed at a specified rate, and as a result, becomes payable to the department of Income Tax.

Get tax exemptions under 80g exemption.