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TDS stands for tax deduction at source, a means of collecting tax on income, dividends, or asset sales in India. Learn about the objectives, rates, provisions, and certificates of TDS under different sections of the Income Tax Act 1961.
TAN is a 10 digit alpha-numeric number issued by the Income Tax Department to the persons who are required to deduct or collect tax on payments made by them in India. TAN is used to deposit, claim and verify the tax deducted at source (TDS) and to issue certificates.
Only an employer with a TAN (Tax Deduction Account Number) is eligible to deduct TDS, and therefore issue a Form 16; If TDS is not deducted the employer is not under obligation to issue a Form 16 to the employee; If TDS is deducted, the responsibility to issue the Form 16 to the employee lies with the employer; Important components
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.
A tax deduction is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Learn about different types of tax deductions, such as above and below the line, business expenses, cost of goods sold, and limitations.
Learn about the standard deduction, a tax benefit for non-itemizers in the US, based on filing status and age. Find out the amounts, conditions, and examples of the standard deduction for different years.
Tax withholding is a system where the payer of income deducts a portion of the income and pays it to the government on behalf of the recipient. Learn about different types of tax withholding, such as income tax, social insurance tax and international withholding, and see examples from various countries.
Kentucky officials believe they have found the body of the suspected gunman in a highway shooting spree with the help of a couple who were livestreaming their search on YouTube and vultures that ...