TDS &amp; TCS

TDS under Section 194C on Payments to contractors: rate, threshold & compliance

Section 194C requires TDS on payments to resident contractors and sub-contractors for carrying out any work, including supply of labour. Learn the TDS rate, threshold, who must deduct, deposit and return-filing timelines under Section 194C.

TDS under Section 194IA on Sale of immovable property: rate, threshold & compliance

Section 194IA requires the buyer of immovable property to deduct TDS on the sale consideration paid to a resident seller. Learn the TDS rate, threshold, who must deduct, deposit and return-filing timelines under Section 194IA.

TDS under Section 194J on Professional and technical fees: rate, threshold & compliance

Section 194J covers TDS on fees for professional services, technical services, royalty and certain other payments. Learn the TDS rate, threshold, who must deduct, deposit and return-filing timelines under Section 194J.

TDS under Section 192 on Salary: rate, threshold & compliance

TDS on salary is deducted by every employer from the monthly salary paid to an employee, based on the employee's estimated annual income and chosen tax regime. Learn the TDS rate, threshold, who must deduct, deposit and return-filing timelines under Section 192.

TDS under Section 194A on Interest other than on securities: rate, threshold & compliance

Section 194A covers TDS on interest such as fixed deposit interest paid by banks, and interest on loans. Learn the TDS rate, threshold, who must deduct, deposit and return-filing timelines under Section 194A.

Form 16A: meaning and full form

Form 16A is the TDS certificate for non-salary payments (like interest, rent or professional fees), issued quarterly by the deductor from TRACES.

TDS Deposit and Return Due Dates

TDS must be deposited monthly and returns filed quarterly. Learn the TDS payment due dates and the quarterly TDS return (24Q/26Q) deadlines.

Form 26QB: meaning and full form

Form 26QB is the challan-cum-statement used by a property buyer to deposit 1% TDS on the purchase of immovable property under Section 194IA.

TDS under Section 194H on Commission or brokerage: rate, threshold & compliance

Section 194H covers TDS on commission or brokerage paid to a resident. Learn the TDS rate, threshold, who must deduct, deposit and return-filing timelines under Section 194H.

TDS under Section 194I on Rent: rate, threshold & compliance

Section 194I applies to TDS on rent paid for land, building, plant, machinery or equipment. Learn the TDS rate, threshold, who must deduct, deposit and return-filing timelines under Section 194I.

TAN (Tax Deduction and Collection Account Number): meaning, full form and uses

A TAN is a 10-character number that every person or business deducting or collecting tax at source must obtain. It is quoted in all TDS/TCS returns and challans.

TDS (Tax Deducted at Source): meaning, full form and uses

TDS is a system where tax is deducted from certain payments (salary, rent, interest, contractor fees) at the point of payment and deposited with the government.

TDS under Section 194Q on Purchase of goods: rate, threshold & compliance

Section 194Q requires a buyer to deduct TDS on the purchase of goods where the buyer's turnover in the previous year exceeded ₹10 crore. Learn the TDS rate, threshold, who must deduct, deposit and return-filing timelines under Section 194Q.

TCS (Tax Collected at Source): meaning, full form and uses

TCS is tax collected by a seller from the buyer on certain transactions (such as sale of specified goods) and deposited with the government.

TDS under Section 194O on E-commerce transactions: rate, threshold & compliance

Section 194O requires an e-commerce operator to deduct TDS on the gross amount of sales of goods or services facilitated through its platform for e-commerce participants. Learn the TDS rate, threshold, who must deduct, deposit and return-filing timelines under Section 194O.

TDS under Section 194S on Virtual Digital Assets (crypto): rate, threshold & compliance

Section 194S imposes TDS on the transfer of virtual digital assets such as cryptocurrency and NFTs. Learn the TDS rate, threshold, who must deduct, deposit and return-filing timelines under Section 194S.

TDS under Section 194R on Benefits and perquisites: rate, threshold & compliance

Section 194R requires TDS on any benefit or perquisite (in cash or kind) provided to a resident arising from business or profession. Learn the TDS rate, threshold, who must deduct, deposit and return-filing timelines under Section 194R.

TDS under Section 195 on Payments to non-residents: rate, threshold & compliance

Section 195 covers TDS on any sum (other than salary) paid to a non-resident that is taxable in India. Learn the TDS rate, threshold, who must deduct, deposit and return-filing timelines under Section 195.