Posts Tagged: tds

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3 Tax-Saving Categories You Should Invest In

People earning above ₹3 lakh per year have a duty to follow. Yes, I am talking about paying taxes. This duty is mandatory for being a citizen of the nation and is essential for the well-being of the country as a whole. I mean, taxes build roads, schools, and many of the cool places we all love to visit. 🛣️

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Understanding Form 16: The Essential Guide for Salaried Employees

As the end of the financial year draws near, taxpayers gear up to file their income tax returns. However, navigating the intricate world of taxes can be daunting, especially for salaried individuals who must keep track of numerous documents and procedures. One such document that plays a crucial role in the process is Form 16, which acts as a certificate of the taxes deducted at the source by the employer. It's a document that can determine whether you get a refund or pay more taxes, making it essential to understand its intricacies.

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Form 16 A & B: The Two Sides You Need to Know

Attention all salaried employees in India! Are you ready to unravel the mystery behind Form 16? This vital document not only summarises your salaried income but also holds the key to your tax deductions. But wait, did you know there are two TDS certificates, Form 16A & 16B? Each part provides unique information about your finances that you must learn to file your income tax returns accurately. So, get ready to dive into the exciting world of Form 16 and explore the fascinating details of Form 16 A and Form 16 B. Get your popcorn ready, and let's get started!

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Tax Collected at source

Tax Collected at Source or TCS is a direct tax implemented by the seller on the buyer of certain goods. TCS is an income tax collected according to the provisions mentioned under Section 206C of the Income Tax Act, 1961. TCS is applicable on the purchase of only certain specified goods mentioned in the Act.

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TAN :Tax Deduction and Collection Account Number

Our everyday life from birth till death is connected to this one thing. Let the guessing start.

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TDS Filling

TDS means Tax Deducted at Source. It is the tax which is deducted from income, interest on securities, rent payment, payment of commissions etc. The full form of TDS makes its meaning quite clear that TDS is such type of tax which is deducted at the very source of it. For example, if a bank has to pay a certain amount of interest to a person who has an account in that bank, then the person is going get such interest with a deduction of a certain amount, that deduction will be the TDS. In this example, the deductor is the bank and the deductee is the account holder. Deductor has to file this TDS to the Govt.

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TDS Deduction Rules in India

TDS or Tax Deducted at Source is income tax deducted at the source of income i.e. by the person or organization making the payment. Following are the rules regarding deduction of TDS applicable in India

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What is TDS (Tax Deducted at Source)?

Tax is a compulsory contribution to state revenue, levied by the government on workers income and business profits, or added to the cost of some goods, services, and transactions. Technically it is a strain and burden on the people. In India Income Tax Department a government agency supervise tax collection by government of India. This is under department of Revenue of Ministry of Finance. The bottom line is that taxation should foster equal distribution of resources.

3 Tax-Saving Categories You Should Invest In

Understanding Form 16: The Essential Guide for Salaried Employees

Form 16 A & B: The Two Sides You Need to Know

Tax Collected at source

TAN :Tax Deduction and Collection Account Number

TDS Filling

TDS Deduction Rules in India

What is TDS (Tax Deducted at Source)?

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