Who is deductor in tds

Our representative will get in touch with you shortly. Updated on : Oct 12, - PM. Read about the Union Budget highlights here. TDS stands for tax deducted at source.

As per the Income Tax Act, any company or person making a payment is required to deduct tax at the source if the payment exceeds certain threshold limits.

It is only then a valid certificate. Assessing Officer can issue a certificate for lower or no deduction of tax: to the deductor, where the deductee is a non-resident. Certificate for lower deduction of TDS can be obtained for incomes covered by following provisions:.

Every certificate issued has a unique 10 digit alpha-numeric no. It is valid from the date of issue and expires at the end of that year unless it is cancelled by AO before its expiry.

Although Form 13 application can be submitted at anytime during the year, it is recommended to furnish it at the commencement of the year itself. If he is of age less than 60 years, his gross income before deductions must be less than the basic exemption limit Rs 2. Your email address will not be published. Post Comment.

Readers are requested to check and refer to relevant provisions of statute, latest judicial pronouncements, circulars, clarifications etc before acting on the basis of the above write up. The possibility of other views on the subject matter cannot be ruled out. This is not any kind of advertisement or solicitation of work by a professional. I have a small question regarding filing of TDS returns? Who is responsible for filing form 26AS. Because this difficulties the TDS is not properly reflecting in the 26AS statements of the deductees.

How can we rectify the error? How can we revised the return? Please get the simple procedure. Thanks for the relevant information in Brief and also thanks to Jay for reminding us and also to Taxguru for making updation.

This has been amended vide Finance Bill and vide Notification No. The new provisions applicable from 1st April is as below. A relaxation has been provided for the tax deducted at the end of the financial year i.

Therefore as per the new provisions- Time limit for deposit of TDS for the entire month of March will be 30th April instead of two separate time limits viz. Similarly in case of issue of TDS certificates the old provision of monthly certificates is geven, where as the amended poviison of issuing quarterly certificates is not updated. Pl ensure while posting artcles in the webpage, the latest provisions are updated so that users are guided correctly. Your email address will not be published.

You can ask the tax deductors to not deduct tax if your income is below the basic exemption limit. There are two ways for doing this There is only a single refund i. You can get the refund of additional tax only after filing your income tax return for that particular years. In other words, there is no other method to get refund other than by filing Income Tax Return. Also Read: Income Tax Guide. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment.

Sign up to our newsletter. Share on facebook. Share on twitter. Share on linkedin. Share on whatsapp. What is TDS? Persons who are required to deduct TDS Government has notified below persons who is require to deduct TDS for the specified services:- a Individual and HUF An individual and HUF is required to deduct TDS on the specified services if they are engaged in:- i business having turnover of Rs 1 crore or more during the previous financial year or ii profession having receipts of Rs 50 lakh or more during the previous financial year and they are required to get books of account audited under section 44AB.

These are only two cases in which a non business is also required to deduct TDS. Nature of payments, threshold limits and rates Below table summarize the nature of transaction on which TDS is required to be deducted if the amount exceeds the threshold limit along with the applicable rates of TDS for commonly used payments.

Net payment require to be made to A will be Rs 59, Example 2 — In the above example if the contractor A is a Partnership Firm in place of individual. Notes 1. Read More Articles.