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Tax deduction at source (TDS) in India 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).
Income tax is a key source of government funding. The Income Tax Department is the central government's largest revenue generator; total tax revenue increased from ₹ 1,392.26 billion (US$18 billion) in 1997–98 to ₹ 5,889.09 billion (US$77 billion) in 2007–08. In 2018–19, direct tax collections reported by the CBDT were about ₹ 11.17 ...
On 29 February 2016, Current Finance Minister Mr. Arun Jaitley announces a new Cess, Krishi Kalyan Cess that would be levied from 1 June 2016 at the rate of 0.5% on all taxable services. The purpose of introducing Krishi Kalyan Cess is to improve agriculture activities and welfare of Indian farmers.
It is the statement of tax deducted at source (TDS) from the amount that is being repaid to employees with relations to a superannuation fund. Components Form 22 is related to the Tax Deducted at Source in the event of payments being made from a superannuation fund. This form is valid only in the case of the fund being an approve done.
The Tax Deducted at Sourceon payments made by assessees is deposited under the TAN to enable the assessees who have received the payments to claim the tax deducted in their income tax return. Application TAN is applied through "Form No. 49B" (prescribed under Indian Income Tax Law).
Rate of tax: Schedule ‘A’ – Essential Commodities (Tax free) - Nil Schedule ‘B’ – Gold, Silver, Precious Stones, Pearls etc. - 1.2% Schedule ‘C' – Declared Goods and other specified verry goods - 6% (Rates for items other than declared goods changed to 6%) Schedule ‘D’ – Foreign Liquor, Country Liquor, Motor Spirits, etc. - 20% and above
People whose gross total income (before any deductions exceeds ₹2.5 lakh in FY or ₹3 lakh for senior citizens or ₹5 lakh for super senior citizens). Companies or firms irrespective of whether you have income or loss during the financial year. Those who want to claim an income tax refund.