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In India, tax is deducted at source by the banks on FDs if interest paid to a customer at any bank exceeds ₹ 10,000 in a financial year. This is applicable to both interest payable or reinvested per customer. This is called Tax deducted at Source and is presently fixed at 10% of the interest. With CBS banks can tally FD holding of a customer ...
when a person is given to do a job on contract bases, for eg: a person is paid to a job and a contract is signed with him,is the TDS from payment to be made as contractor or professional/Technical services the werhjweiruiowefsdkl —Preceding unsigned comment added by 202.60.62.100 ( talk) 05:42, 11 February 2010 (UTC) [ reply] TDS REFERS TO ...
Tax form. Form type. Use case. Schedule A (Form 1040) Itemized deductions. Typically used by homeowners to itemize deductions such as mortgage interest, property taxes and in certain cases ...
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Tax deducted at source In most cases employers deduct the relevant amount of income tax from salary and wages prior to these being paid to the individual. This system, known as pay-as-you-earn, or PAYE , was introduced in 1958, prior to which employees paid tax annually.
The amount of income tax that an individual must pay is based on the amount of their taxable income (income earned less allowed expenses) for the tax year. Personal income tax may be collected through various means: deduction at source - where income tax is deducted directly from an individual's pay and sent to the CRA.
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