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TDS on Savings Account Interest

The interest earned from a savings account is not subject to TDS, as stated in Section 194A of the Income Tax Act of 1961. You can read full details on 80g certificate.

WITHHOLDING TAX

India has comprehensive withholding tax laws that require payers (resident or non-resident) to deduct tax on payments made to non-residents if those payments are taxable in India. The kind of payment, the recipient's tax residence, and the presence of tax treaty advantages all affect the withholding tax rate.

Private and public corporations are largely classified as such under the Companies Act of 1956, which also establishes a legal framework based on this categorization. The structures of corporate organisations, however, continue to evolve as a result of the booming economy and rising complexity of commercial operations.

When it comes to sales tax, non-compliance frequently has severe financial repercussions. However, you might be unaware that achieving compliance could have a positive financial impact on your business. On the surface, it seems absurd that you would need to pay money to discover a sales tax software solution or to engage tax professionals to assist your business in becoming compliant.

A new indirect tax system known as the Goods and Services Tax (or "GST") was introduced on July 1st, 2017, and it incorporated a number of national and state-level indirect taxes including as value added taxes, sales taxes, excise charges, entertainment taxes, Octroi taxes, and others.

The tax on fringe benefits is imposed on those that the employer offers to its employees. Employers are required to pay this fee to the government in exchange for providing these fringe benefits. The fiscal year 2010–2011 saw the elimination of this. Here are detailed notes on section 12a.

Section 80C Income Tax Deduction

The most important part of deductions for any taxpayer is this one. 15,000,000 is the section's maximum exemption amount. Section 80C allows for the claim of several deductions, including PPF, EPF, term insurance, NPS, etc. The full list is shown below:-

Section 80DDB income tax deduction

Medical expense deduction for oneself or a dependent relative:-

Medical expense deduction for those under 60 and HUFs

Section 80EEA Income Tax Deduction

Up to $15,000 in interest payments may be deducted under Section 80EEA. The 2,00,000 deduction allowed by section 24 is in addition to this deduction. For this deduction to apply, a person must not be a homeowner on the date the loan is sanctioned.

With the intention of collecting tax as the source of revenue itself, the TDS idea was introduced. According to this idea, a person (deductor) who is required to pay another person (deductee) a payment of a specific sort must withhold tax at source and submit the money to the Central Government.