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
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.
TDS must be calculated and deducted on payment made to purchase the 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/Total Income
To calculate the TDS you need to deduct on payments: