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Tax deduction at source. Tax deduction at source (TDS) is an Indian withholding tax that is a means of collecting tax on income, dividends, or asset sales by requiring the payer (or legal intermediary) to deduct tax due before paying the balance to the payee (and the tax to the revenue authority). Under the Indian Income Tax Act of 1961, income ...
This new law on TDS on cash withdrawal has come into effect from July 1, 2020. As per the provisions of section 194N of Income Tax Act, if a person withdraws more than 1 Crore from the specific payers, then the payers will deduct TDS on such transaction and deposit it. See also. Bank transaction tax; Currency transaction tax; References
Tax deducted at source (TDS) is applicable on recurring deposits in India. If the interest earned on recurring deposits exceeds Rs. 40,000 a year, TDS at the rate of 10% would be deducted by the bank.
Fixed deposit. A fixed deposit ( FD) is a tenured deposit account provided by banks or non-bank financial institutions which provides investors a higher rate of interest than a regular savings account, until the given maturity date. It may or may not require the creation of a separate account. The term fixed deposit is most commonly used in ...
The standard deduction is rising 6.9% or 7.2%, depending on filing status, while the Earned Income Tax Credit amount will increase by 7.1%, the Internal Revenue Service announced this week.
In general cases, banks are liable to charge TDS (Tax Deducted at Source) on the interest amount being paid on FD (Fixed Deposit) upon maturity. Form 15G is a self-declaration form that can be filed by a bank FD holder of age less than 60 years for getting a rebate from TDS on FD interest.
Professional Tax. Profession tax is the tax levied and collected by the state governments in India. It is a direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary,cost accoutant, lawyer, doctor etc. are required to pay this professional tax.
The IRS again raised its standard deduction. For the 2024 tax year, Married couples filing jointly will see a $29,200 standard deduction , an increase of $1,500 from 2023.