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Frequently Asked Questions
TDS is an abbreviation of "Tax Deducted at Source". It is a way of collecting tax at source of income such as salary, interest, sales, dividend, rent, etc. by requiring the payer (Deductor) to deduct the tax at time of occurrence of income or payment of the payee (deductee) and deposit the same amount. Deductor is also required to file quarterly return to the income tax department. Worldwide, it is called withholding tax.
For the sake of knowledge, TDS on salary is termed as payroll withholding tax worldwide. Interestingly, In the Ireland and the United Kingdom, it is called pay-as-you-earn tax (PAYE) and in Australia and the United States, the term ‘pay-as-you-go’ is used for TDS on salary.
Nature of payment Relevant Section TDS rate (rate at which tax is to be deducted at source)
Salaries Section 192 At applicable income tax rates, inclusive of cess
Receiving accumulated taxable part of PF Section 192A 10%
Interest received on securities Section 193 10%
Deemed Dividend Section 194 10%
Interest other than interest on securities Section 194A 10%
Winnings from lottery, crosswords or any sort of game Section 194B 30%
Winnings from horse race Section 194BB 30%
Insurance commission received by an individual Section 194D 5%
Life insurance policies not exempt under section 10(10)D Section 194DA 5% of income component and not the gross payment
Commission or brokerage received except for insurance commission Section 194H 5% in case payment in FY exceeds Rs 15,000
Payment made while purchasing land or property Section 194IA 1%
Payment of rent by individual or HUF exceeding Rs 50,000 per month Section 194IB 5%
Payment made to professional or commission or brokerage of Rs 50 lakh and above 194M 5%
Cash withdrawal exceeding Rs 1 crore 194N 2%
TDS is an effective instrument to trace the person, who is earning income. Further, it provides the advantage of getting tax in advance to the Government and induce the deductee to furnish his return so that he can either set off his tax liability or/and claim refund, if any.