TDS deduction from income does not mean that TDS compliances have come to an end for a person. The persons are required to comply with compliances related to tax deduction …
Comprehensive Guide on Consequences of non TDS Deduction Compliances Read More »
Form 15G and Form 15H are self declaration forms that the assessee submits to the bank requesting not to deduct TDS on Interest Income, as their income is below the basis exemption limit. The assessee has to provide his PAN Card with the form.
The TDS rates varies from type of taxpayer and the income bracket. The rates of TDS for FY 2021-22 | AY 2022-23 are as follows:
Through the Union Budget, 2021, a new section namely Section 194Q was inserted in the Income Tax Act and this section is similar to the provisions of Section 206C(1H) of the Act. This is so because both of these sections deals with same transaction of sales/purchases above Rs. 50 lacs from party whose turnover whose turnover is previous year exceeds Rs. 10 crore. Further, Section 194Q talks about deducting TDS and Section 206(1H) talks about collecting tax.
Due to the pandemic COVID-19, various dates of compliances related to Income Tax has been extended. All the due dates in of July, 2021 are: