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Questions and Answers
When can a TDS refund be claimed?
What is the TDS rate for interest on securities for FY 2022-23?
What is the process of deducting tax at the time of making payment?
By when should the TDS return for Q1 (Apr-Jun) be filed?
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Who is responsible for deducting tax, paying it to the government, and filing TDS returns?
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What is the TDS rate for rent for FY 2022-23?
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Where are TDS returns filed online?
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What is the TDS rate for professional fees for FY 2022-23?
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Study Notes
TDS (Tax Deduction at Source)
TDS Refund
- A TDS refund is claimed when the deductor has deposited excess TDS or when the deductee has paid excess tax.
- Refund can be claimed by filing Form 26B, which is a refund form for TDS.
- Refund is processed by the Income-tax department.
TDS Rates
- TDS rates vary depending on the nature of income and the type of payer.
- TDS rates for FY 2022-23:
- Salary: 10% to 30%
- Interest on securities: 10%
- Dividend: 10%
- Rent: 2% to 10%
- Professional fees: 10%
- Commission: 5% to 10%
TDS Return Filing
- TDS returns are filed quarterly by the deductor.
- Due dates for TDS return filing:
- Q1 (Apr-Jun): 31st July
- Q2 (Jul-Sep): 31st October
- Q3 (Oct-Dec): 31st January
- Q4 (Jan-Mar): 31st May
- TDS returns are filed online through the TRACES (TDS Reconciliation Analysis and Correction Enabling System) portal.
Tax Deduction
- Tax deduction is the process of deducting tax at the time of making payment.
- Types of tax deduction:
- Salary: TDS on salary is deducted by the employer.
- Interest: TDS on interest is deducted by the payer.
- Commission: TDS on commission is deducted by the payer.
- Tax deduction is mandatory for certain payments exceeding specified limits.
- The deductor is responsible for deducting tax, paying it to the government, and filing TDS returns.
TDS (Tax Deduction at Source)
TDS Refund
- Excess TDS deposited by the deductor or excess tax paid by the deductee can be claimed as a refund.
- Refund is claimed by filing Form 26B, a refund form for TDS.
- The Income-tax department processes the refund.
TDS Rates
- TDS rates vary depending on the nature of income and the type of payer.
- TDS rates for FY 2022-23:
- Salary: 10% to 30%
- Interest on securities: 10%
- Dividend: 10%
- Rent: 2% to 10%
- Professional fees: 10%
- Commission: 5% to 10%
TDS Return Filing
- TDS returns are filed quarterly by the deductor.
- Due dates for TDS return filing:
- Q1 (Apr-Jun): 31st July
- Q2 (Jul-Sep): 31st October
- Q3 (Oct-Dec): 31st January
- Q4 (Jan-Mar): 31st May
- TDS returns are filed online through the TRACES (TDS Reconciliation Analysis and Correction Enabling System) portal.
Tax Deduction
- Tax deduction is the process of deducting tax at the time of making payment.
- Types of tax deduction:
- Salary: TDS on salary is deducted by the employer.
- Interest: TDS on interest is deducted by the payer.
- Commission: TDS on commission is deducted by the payer.
- Tax deduction is mandatory for certain payments exceeding specified limits.
- The deductor is responsible for deducting tax, paying it to the government, and filing TDS returns.
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Description
This quiz covers the concepts of TDS refund, when to claim it, and the rates of TDS for different types of income during FY 2022-23.
