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Questions and Answers
When can a TDS refund be claimed?
When can a TDS refund be claimed?
What is the TDS rate for interest on securities for FY 2022-23?
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?
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?
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?
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?
What is the TDS rate for rent for FY 2022-23?
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Where are TDS returns filed online?
Where are TDS returns filed online?
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What is the TDS rate for professional fees for FY 2022-23?
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.
