How does the TDS calculated change if the deductee does not have a PAN?
If deductee does not have a PAN then TDS will be deducted at higher of
Rate specified as per section
Normal rate applicable
How to calculate the TDS amount?
TDS amount is determined by applying applicable rate to credit/payment amount as per section. Net Payment = Payment Amount – TDS
When to deposit the TDS calculated?
TDS is to be deposited by the 7th of every month for payments made in the 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.
How to calculate TDS on the purchase of property?
TDS must be calculated and deducted on payment made to purchase the property if:
Payment exceeds Rs. 50 Lacs
At 1% deduction rate
TDS must be deposited within 30 days
How to calculate TDS on salary?
Salary income is charged at slab rate and TDS is deducted by calculating average rate.
Average Rate of Tax on Salary= Total Tax * 100/Total Income
How to use the TDS calculator?
To calculate the TDS you need to deduct on payments:
Select deductee type
Select the residential status of the deductee
Enter the type of payment to select the applicable section:
Enter the payment date
Enter the payment amount
Select if PAN of the deductee is available or not
193 - Interest on Securities
194 - Dividend
194A - Other interest
194B - Lotteries / Puzzle / Game
194BB - Winnings from Horse Race
194EE - NSS Deposit
194F - UTI
194G - Commission on Sale of Lottery tickets
194J (a) - Fees for technical services, royalty for sale, distribution or exhibition of cinematographic films and call centre
194LA - Acquisition of certain immovable properties
194DA - Payment in respect of life insurance policy
194LBA - Certain incomes from Units of Business Trust
192A - Payment of accumulated balance of provident fund, taxable in the hands of the employee
194LBB - Investment fund paying an income to a unit holder
194LBC - Income in respect of investment in securitization trust
194IC - Payment under specified agreement
194N - Payment of certain amount in cash
194NF - Payment of certain amounts in cash to non-filers
194O - TDS on E-commerce transactions
194LBA (c) - Income referred to in section 10(23FCA) from units of a business trust
194C - Contracts
194D - Insurance
194H - Commission or Brokerage
194I (a) - Rent on Plant and Machinery
194I (b) - Rent on Land & Building
194J - Fees for Professional or Technical services
194J (b) - Fee for professional service or royalty etc.
194IA - TDS on sale of property
194K - Income From Mutual Fund Units
194LBA (a) - Certain income in the form of interest from units of a business trust to a residential unit holder
194LBA (b) - Certain income in the form of dividend from units of a business trust to a resident unit holder