For individuals and businesses liable to deduct TDS (Tax Deducted at Source) on payments.
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If deductee does not have a PAN then TDS will be deducted at higher of
TDS amount is determined by applying applicable rate to credit/payment amount as per section. Net Payment = Payment Amount - TDS
Interest penaly on non-payment of TDS or late payment is 1.5 % per month on TDS amount. Interest is calculated from date of deduction to the date on which tax is actually deposited.
TDS is to be deposited by 7th of every month for payments made in previous month, 30th of April in case of payments made in March. For payment made on 15th January, TDS must be deposited by 7th February.
TDS must be deducted on payment made to purchase property if.
Salary income is charged at slab rate and TDS is deducted by calculating average rate.
Average Rate of Tax on Salary
Total Tax * 100