Under the Income-tax Act, 1961, certain individuals or entities are required to deduct TDS for payment made towards salary, professional fees, contract payments, commission, rent and royalty, among others. TDS is also applicable on investments, such as interest earned on fixed deposits, post office deposits, and so on. The rates of TDS are fixed under the Act. The entity deducting TDS is called the deductor, while the company or person from whom it is deducted is called the deductee.
Know The Basics
TDS is applicable on salary, interest income, brokerage, professional fees, commission, purchase of goods, rent, and investment, among others.
Form 16 and Form 16A are varieties of TDS certifications.
This story is from the July 2024 edition of Outlook Money.
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This story is from the July 2024 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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