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Memorising TDS Sections Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Memorising TDS Sections Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What are the different sections under TDS in taxation? |  |
Ans. TDS (Tax Deducted at Source) is governed by various sections under the Income Tax Act. Some of the commonly known TDS sections include Section 192 for salary, Section 194A for interest, Section 194C for contractors, Section 194J for professional services, and Section 195 for non-residents.
| 2. How does TDS work in taxation? | |
Ans. TDS works by deducting a certain percentage of tax from payments made to individuals or entities. The person making the payment is responsible for deducting the tax and depositing it with the government. The deducted tax is then credited to the account of the payee, and the payee can claim it while filing their income tax return.
| 3. What is the significance of TDS in taxation? | |
Ans. TDS plays a crucial role in tax administration as it ensures the collection of tax at the source itself. It helps in preventing tax evasion and promotes a regular inflow of revenue for the government. TDS also simplifies the process of tax collection by making the taxpayer responsible for deducting and depositing the tax.
| 4. Are there any exemptions or thresholds for TDS in taxation? | |
Ans. Yes, there are certain exemptions and thresholds for TDS in taxation. For example, in the case of salary income, there is a basic exemption limit below which TDS is not deducted. Similarly, there are different threshold limits for different types of payments, and if the payment falls below these limits, TDS may not be applicable.
| 5. How can one claim a refund of TDS in taxation? | |
Ans. To claim a refund of TDS, one needs to file their income tax return. If the total tax paid through TDS exceeds the actual tax liability, the excess amount can be claimed as a refund. The refund can be claimed by providing the necessary details of TDS deducted and paid in the income tax return form.
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Nov 16, 2024 Last updated |
Video Description: Memorising TDS Sections for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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