#Budget 2021 Income Tax Slabs Rates in India FY 2021-22
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New IT Rules Of 2021 You Must Need To Know
Filing income tax returns or ITR can be an irritant for many who do not have the proper knowledge of rules governing income tax in India. Adding misery to that, many of these rules change or frequently update with the presentation of the annual union budget.
However, with the introduction of the e-filing system, filing income tax return is no longer a tedious process. You don’t have to be a tax wizard to file your returns successfully. A little awareness on your part is all that is needed to sail through the complete process of filing your tax returns.
Check this post to know the basic income tax rules and why you should consider e-Filing your income tax return.
Basic Terms Related to Income Tax
Following are some basic terms that you need to understand before delving deeper into rules of income tax return and e-filing:
● Financial year and assessment year
A financial year (FY) starts from April 1 and ends on March 31. The assessment year (AY) is the year following the financial year.
For example, all income earned between the period April 2020 to March 2021 falls under the FY 2020-21 and the AY 2021-22. Hence, filing ITR for FY2020-21 and AY2021-22 is the same.
● Income
The total earnings of any individual or firm from any sources in a financial is considered as income from that financial year. This may include income from salary, rent, selling of property, dividends from shares, bank interests, pensions, profits from businesses, or any other legitimate source.
● Income tax
Income tax is one of the primary sources of revenue for the government. Every person in India whose taxable income exceeds the tax-exemption limit requires paying income tax and filing income tax returns. However, individuals whose collective income from all sources in a financial year does not exceed the tax-exemption limit must not pay income tax.
● Income tax slabs
Depending upon their income in a financial year, taxpayers are categorized under different tax slabs with varying income tax rates.
● Income tax return (ITR)
An income tax return is a form that an individual or a firm is supposed to submit to the Income Tax Department of India for each financial year. The ITR contains information about the income and the corresponding taxes to be paid, if any, by that person or firm.
New Income Tax Rules of 2021:
Read More About New Rules…
Contact Us For Online ITR Filing 2021
Solar Costa Campos, 31 Jan road, Panjim, Goa
+91 9764194196
Easyquickreturns.com
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Income Tax Rates slabs- AY 2021-22 (FY 2020-21) & AY 2022-23 (FY 2021-22)
Income Tax Rates slabs- AY 2021-22 (FY 2020-21) & AY 2022-23 (FY 2021-22)
Income Tax Rates Slabs in India- AY 2021-22 (FY 2020-21) & AY 2022-23 (FY 2021-22)
Budget 2020 & Budget 2021 did not specify any changes in the income tax rates slabs applicable for FY 2019-20 and hence there are NO changes in the income tax rates slabs even for FY 2020-21 & FY 2021-22.
Income tax rates slabs for computation of tax liability of various assessees i.e. Individuals, HUF, Firms…
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Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
What is the latest TDS Rate Chart for FY 2020-21 (AY 2021-22)? What do you mean by TDS? What is the applicable TDS Rates for NRIs for FY 2020-21 (AY 2021-22)?
When we receive income through different ways like Salary, Dividend income from mutual funds or stocks, commission, rent, interest on Bank Fixed Deposits / Securities etc., the providers of this income like Bank or your employer deduct the tax before transferring you such income.
TDS or tax deducted at source is a process of collecting Income Tax at the source. It is a process of deducting the tax from the original source of income.
TDS is calculated and levied on the basis of a certain threshold limit, which is the maximum level of income after which TDS will be deducted from your future income/payments. It is deducted as per the Indian Income Tax Act, 1961.
As I told earlier, apart from salary income and Bank FD earning, there are many ways TDS is deducted like interest income from the post office, insurance commission, rent payment, early EPF withdrawals, the sale of immovable property, rent payments on property etc.,
Budget 2020 – Introduction of Sec.194K and TDS on Dividend Income in Mutual Fund
With the introduction of new Sec.194K, Mutual Fund Companies will deduct the TDS on your Dividend Income if your such Dividend Income is more than Rs.5,000 in a Financial Year.
There was a huge cry and confusion with respect to this section. However, later on CBDT came with clarification and mentioned that such TDS will be applicable for Dividend Options only.
Hence, any capital gain in mutual funds with respect to sale or transfer of mutual funds will not attract any TDS.
Note:-Avoiding TDS does not mean avoiding TAX. As DDT was abolished in the hands of the Mutual Fund Companies, the Dividend income will be taxable as per your tax slab. If your tax slab is 30% and TDS was done at 10%, then your tax liability will not end there. You have to pay the remaining 20% Tax.
However, if your tax slab is 10% and TDS was deducted on such dividend income, then you no need to pay any further tax.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
Now, let us see the complete Latest TDS Rate Chart for FY 2020-21 (AY 2021-22).
Latest TDS Rate Chart FY 2020-21 (AY 2021-22) for NRIs
When it comes to TDS, the rules changes to NRIs. Hence, let us discuss on this aspect separately.
# Interest earned on Non-Resident Ordinary Account (NRO) is taxable. TDS of 30% is applicable to it. But interest earned on Non-Resident External (NRE) accounts and Foreign Currency Non-Resident (FCNR) accounts is not taxed in India. Hence, there is no tax deducted at source on NRE and FCNR interest income.
# NRI Investments in Shares / Mutual Funds attract TDS and below are the TDS rate applicable on MF redemptions by NRIs for FY 2020-21.
Note:-STCG and LTCG along with applicable surcharge, and Health and Education Cess will be deducted at the time of redemption of units in case of NRIs
# Under Sec.195, when an NRI sells a property, the buyer is liable to deduct TDS @ 20% on Long Term Capital Gains. In case the property has been sold before 2 years (reduced from the date of purchase), a TDS of 30% shall be applicable (on Short Term Capital Gains).
Misconceptions about TDS (Tax Deducted at Source)
# Avoiding TDS does not mean avoiding Tax. You just avoid the deduction of tax. However, you have to pay the tax as per the applicable rules and tax rate even if you avoided TDS. For example, in case of FDs, one can give Form 15G or Form 15H and avoid TDS. But it does not mean that such FD interest income is tax free. You have to pay the tax on such interest as per applicable tax rates.
Hence, never rush to submit Form15G/H or any method just to avoid TDs.
# If you paid the TDS, then your tax liability does not end there itself. You have to file IT return and if anything more than TDS is payable, then you have to pay it.
# All are not eligible to submit the Form 15G or Form 15H. Because only those individuals are eligible to submit the Form 15G or Form 15H whose total taxable income is NIL and also and the total of the aggregate of your income for which form 15 G can be submitted should not exceed the basic exemption limit. But sadly neither individual care about such rules nor the Banks who accept the forms.
Hope this much information is enough for you to understand the Latest TDS Rate Chart FY 2020-21 (AY 2021-22).
Refer our other posts related to Budget 2020:-
Mutual Fund Taxation FY 2020-21 (AY2021-22)
Latest Income Tax Slab Rates FY 2020-21 (AY 2021-22)
New Tax Regime – Complete list of exemptions and deductions not allowed
Taxation on Side Pocketed or Segregated Mutual Funds
Budget 2020 Highlights – 5 Changes you must know
The post Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) appeared first on BasuNivesh.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) published first on https://mbploans.tumblr.com/
0 notes
Text
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
What is the latest TDS Rate Chart for FY 2020-21 (AY 2021-22)? What do you mean by TDS? What is the applicable TDS Rates for NRIs for FY 2020-21 (AY 2021-22)?
When we receive income through different ways like Salary, Dividend income from mutual funds or stocks, commission, rent, interest on Bank Fixed Deposits / Securities etc., the providers of this income like Bank or your employer deduct the tax before transferring you such income.
TDS or tax deducted at source is a process of collecting Income Tax at the source. It is a process of deducting the tax from the original source of income.
TDS is calculated and levied on the basis of a certain threshold limit, which is the maximum level of income after which TDS will be deducted from your future income/payments. It is deducted as per the Indian Income Tax Act, 1961.
As I told earlier, apart from salary income and Bank FD earning, there are many ways TDS is deducted like interest income from the post office, insurance commission, rent payment, early EPF withdrawals, the sale of immovable property, rent payments on property etc.,
Budget 2020 – Introduction of Sec.194K and TDS on Dividend Income in Mutual Fund
With the introduction of new Sec.194K, Mutual Fund Companies will deduct the TDS on your Dividend Income if your such Dividend Income is more than Rs.5,000 in a Financial Year.
There was a huge cry and confusion with respect to this section. However, later on CBDT came with clarification and mentioned that such TDS will be applicable for Dividend Options only.
Hence, any capital gain in mutual funds with respect to sale or transfer of mutual funds will not attract any TDS.
Note:-Avoiding TDS does not mean avoiding TAX. As DDT was abolished in the hands of the Mutual Fund Companies, the Dividend income will be taxable as per your tax slab. If your tax slab is 30% and TDS was done at 10%, then your tax liability will not end there. You have to pay the remaining 20% Tax.
However, if your tax slab is 10% and TDS was deducted on such dividend income, then you no need to pay any further tax.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
Now, let us see the complete Latest TDS Rate Chart for FY 2020-21 (AY 2021-22).
Latest TDS Rate Chart FY 2020-21 (AY 2021-22) for NRIs
When it comes to TDS, the rules changes to NRIs. Hence, let us discuss on this aspect separately.
# Interest earned on Non-Resident Ordinary Account (NRO) is taxable. TDS of 30% is applicable to it. But interest earned on Non-Resident External (NRE) accounts and Foreign Currency Non-Resident (FCNR) accounts is not taxed in India. Hence, there is no tax deducted at source on NRE and FCNR interest income.
# NRI Investments in Shares / Mutual Funds attract TDS and below are the TDS rate applicable on MF redemptions by NRIs for FY 2020-21.
Note:-STCG and LTCG along with applicable surcharge, and Health and Education Cess will be deducted at the time of redemption of units in case of NRIs
# Under Sec.195, when an NRI sells a property, the buyer is liable to deduct TDS @ 20% on Long Term Capital Gains. In case the property has been sold before 2 years (reduced from the date of purchase), a TDS of 30% shall be applicable (on Short Term Capital Gains).
Misconceptions about TDS (Tax Deducted at Source)
# Avoiding TDS does not mean avoiding Tax. You just avoid the deduction of tax. However, you have to pay the tax as per the applicable rules and tax rate even if you avoided TDS. For example, in case of FDs, one can give Form 15G or Form 15H and avoid TDS. But it does not mean that such FD interest income is tax free. You have to pay the tax on such interest as per applicable tax rates.
Hence, never rush to submit Form15G/H or any method just to avoid TDs.
# If you paid the TDS, then your tax liability does not end there itself. You have to file IT return and if anything more than TDS is payable, then you have to pay it.
# All are not eligible to submit the Form 15G or Form 15H. Because only those individuals are eligible to submit the Form 15G or Form 15H whose total taxable income is NIL and also and the total of the aggregate of your income for which form 15 G can be submitted should not exceed the basic exemption limit. But sadly neither individual care about such rules nor the Banks who accept the forms.
Hope this much information is enough for you to understand the Latest TDS Rate Chart FY 2020-21 (AY 2021-22).
Refer our other posts related to Budget 2020:-
Mutual Fund Taxation FY 2020-21 (AY2021-22)
Latest Income Tax Slab Rates FY 2020-21 (AY 2021-22)
New Tax Regime – Complete list of exemptions and deductions not allowed
Taxation on Side Pocketed or Segregated Mutual Funds
Budget 2020 Highlights – 5 Changes you must know
The post Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) appeared first on BasuNivesh.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) published first on https://mbploans.tumblr.com/
0 notes
Text
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
What is the latest TDS Rate Chart for FY 2020-21 (AY 2021-22)? What do you mean by TDS? What is the applicable TDS Rates for NRIs for FY 2020-21 (AY 2021-22)?
When we receive income through different ways like Salary, Dividend income from mutual funds or stocks, commission, rent, interest on Bank Fixed Deposits / Securities etc., the providers of this income like Bank or your employer deduct the tax before transferring you such income.
TDS or tax deducted at source is a process of collecting Income Tax at the source. It is a process of deducting the tax from the original source of income.
TDS is calculated and levied on the basis of a certain threshold limit, which is the maximum level of income after which TDS will be deducted from your future income/payments. It is deducted as per the Indian Income Tax Act, 1961.
As I told earlier, apart from salary income and Bank FD earning, there are many ways TDS is deducted like interest income from the post office, insurance commission, rent payment, early EPF withdrawals, the sale of immovable property, rent payments on property etc.,
Budget 2020 – Introduction of Sec.194K and TDS on Dividend Income in Mutual Fund
With the introduction of new Sec.194K, Mutual Fund Companies will deduct the TDS on your Dividend Income if your such Dividend Income is more than Rs.5,000 in a Financial Year.
There was a huge cry and confusion with respect to this section. However, later on CBDT came with clarification and mentioned that such TDS will be applicable for Dividend Options only.
Hence, any capital gain in mutual funds with respect to sale or transfer of mutual funds will not attract any TDS.
Note:-Avoiding TDS does not mean avoiding TAX. As DDT was abolished in the hands of the Mutual Fund Companies, the Dividend income will be taxable as per your tax slab. If your tax slab is 30% and TDS was done at 10%, then your tax liability will not end there. You have to pay the remaining 20% Tax.
However, if your tax slab is 10% and TDS was deducted on such dividend income, then you no need to pay any further tax.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
Now, let us see the complete Latest TDS Rate Chart for FY 2020-21 (AY 2021-22).
Latest TDS Rate Chart FY 2020-21 (AY 2021-22) for NRIs
When it comes to TDS, the rules changes to NRIs. Hence, let us discuss on this aspect separately.
# Interest earned on Non-Resident Ordinary Account (NRO) is taxable. TDS of 30% is applicable to it. But interest earned on Non-Resident External (NRE) accounts and Foreign Currency Non-Resident (FCNR) accounts is not taxed in India. Hence, there is no tax deducted at source on NRE and FCNR interest income.
# NRI Investments in Shares / Mutual Funds attract TDS and below are the TDS rate applicable on MF redemptions by NRIs for FY 2020-21.
Note:-STCG and LTCG along with applicable surcharge, and Health and Education Cess will be deducted at the time of redemption of units in case of NRIs
# Under Sec.195, when an NRI sells a property, the buyer is liable to deduct TDS @ 20% on Long Term Capital Gains. In case the property has been sold before 2 years (reduced from the date of purchase), a TDS of 30% shall be applicable (on Short Term Capital Gains).
Misconceptions about TDS (Tax Deducted at Source)
# Avoiding TDS does not mean avoiding Tax. You just avoid the deduction of tax. However, you have to pay the tax as per the applicable rules and tax rate even if you avoided TDS. For example, in case of FDs, one can give Form 15G or Form 15H and avoid TDS. But it does not mean that such FD interest income is tax free. You have to pay the tax on such interest as per applicable tax rates.
Hence, never rush to submit Form15G/H or any method just to avoid TDs.
# If you paid the TDS, then your tax liability does not end there itself. You have to file IT return and if anything more than TDS is payable, then you have to pay it.
# All are not eligible to submit the Form 15G or Form 15H. Because only those individuals are eligible to submit the Form 15G or Form 15H whose total taxable income is NIL and also and the total of the aggregate of your income for which form 15 G can be submitted should not exceed the basic exemption limit. But sadly neither individual care about such rules nor the Banks who accept the forms.
Hope this much information is enough for you to understand the Latest TDS Rate Chart FY 2020-21 (AY 2021-22).
Refer our other posts related to Budget 2020:-
Mutual Fund Taxation FY 2020-21 (AY2021-22)
Latest Income Tax Slab Rates FY 2020-21 (AY 2021-22)
New Tax Regime – Complete list of exemptions and deductions not allowed
Taxation on Side Pocketed or Segregated Mutual Funds
Budget 2020 Highlights – 5 Changes you must know
The post Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) appeared first on BasuNivesh.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) published first on https://mbploans.tumblr.com/
0 notes
Text
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
What is the latest TDS Rate Chart for FY 2020-21 (AY 2021-22)? What do you mean by TDS? What is the applicable TDS Rates for NRIs for FY 2020-21 (AY 2021-22)?
When we receive income through different ways like Salary, Dividend income from mutual funds or stocks, commission, rent, interest on Bank Fixed Deposits / Securities etc., the providers of this income like Bank or your employer deduct the tax before transferring you such income.
TDS or tax deducted at source is a process of collecting Income Tax at the source. It is a process of deducting the tax from the original source of income.
TDS is calculated and levied on the basis of a certain threshold limit, which is the maximum level of income after which TDS will be deducted from your future income/payments. It is deducted as per the Indian Income Tax Act, 1961.
As I told earlier, apart from salary income and Bank FD earning, there are many ways TDS is deducted like interest income from the post office, insurance commission, rent payment, early EPF withdrawals, the sale of immovable property, rent payments on property etc.,
Budget 2020 – Introduction of Sec.194K and TDS on Dividend Income in Mutual Fund
With the introduction of new Sec.194K, Mutual Fund Companies will deduct the TDS on your Dividend Income if your such Dividend Income is more than Rs.5,000 in a Financial Year.
There was a huge cry and confusion with respect to this section. However, later on CBDT came with clarification and mentioned that such TDS will be applicable for Dividend Options only.
Hence, any capital gain in mutual funds with respect to sale or transfer of mutual funds will not attract any TDS.
Note:-Avoiding TDS does not mean avoiding TAX. As DDT was abolished in the hands of the Mutual Fund Companies, the Dividend income will be taxable as per your tax slab. If your tax slab is 30% and TDS was done at 10%, then your tax liability will not end there. You have to pay the remaining 20% Tax.
However, if your tax slab is 10% and TDS was deducted on such dividend income, then you no need to pay any further tax.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
Now, let us see the complete Latest TDS Rate Chart for FY 2020-21 (AY 2021-22).
Latest TDS Rate Chart FY 2020-21 (AY 2021-22) for NRIs
When it comes to TDS, the rules changes to NRIs. Hence, let us discuss on this aspect separately.
# Interest earned on Non-Resident Ordinary Account (NRO) is taxable. TDS of 30% is applicable to it. But interest earned on Non-Resident External (NRE) accounts and Foreign Currency Non-Resident (FCNR) accounts is not taxed in India. Hence, there is no tax deducted at source on NRE and FCNR interest income.
# NRI Investments in Shares / Mutual Funds attract TDS and below are the TDS rate applicable on MF redemptions by NRIs for FY 2020-21.
Note:-STCG and LTCG along with applicable surcharge, and Health and Education Cess will be deducted at the time of redemption of units in case of NRIs
# Under Sec.195, when an NRI sells a property, the buyer is liable to deduct TDS @ 20% on Long Term Capital Gains. In case the property has been sold before 2 years (reduced from the date of purchase), a TDS of 30% shall be applicable (on Short Term Capital Gains).
Misconceptions about TDS (Tax Deducted at Source)
# Avoiding TDS does not mean avoiding Tax. You just avoid the deduction of tax. However, you have to pay the tax as per the applicable rules and tax rate even if you avoided TDS. For example, in case of FDs, one can give Form 15G or Form 15H and avoid TDS. But it does not mean that such FD interest income is tax free. You have to pay the tax on such interest as per applicable tax rates.
Hence, never rush to submit Form15G/H or any method just to avoid TDs.
# If you paid the TDS, then your tax liability does not end there itself. You have to file IT return and if anything more than TDS is payable, then you have to pay it.
# All are not eligible to submit the Form 15G or Form 15H. Because only those individuals are eligible to submit the Form 15G or Form 15H whose total taxable income is NIL and also and the total of the aggregate of your income for which form 15 G can be submitted should not exceed the basic exemption limit. But sadly neither individual care about such rules nor the Banks who accept the forms.
Hope this much information is enough for you to understand the Latest TDS Rate Chart FY 2020-21 (AY 2021-22).
Refer our other posts related to Budget 2020:-
Mutual Fund Taxation FY 2020-21 (AY2021-22)
Latest Income Tax Slab Rates FY 2020-21 (AY 2021-22)
New Tax Regime – Complete list of exemptions and deductions not allowed
Taxation on Side Pocketed or Segregated Mutual Funds
Budget 2020 Highlights – 5 Changes you must know
The post Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) appeared first on BasuNivesh.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) published first on https://mbploans.tumblr.com/
0 notes
Text
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
What is the latest TDS Rate Chart for FY 2020-21 (AY 2021-22)? What do you mean by TDS? What is the applicable TDS Rates for NRIs for FY 2020-21 (AY 2021-22)?
When we receive income through different ways like Salary, Dividend income from mutual funds or stocks, commission, rent, interest on Bank Fixed Deposits / Securities etc., the providers of this income like Bank or your employer deduct the tax before transferring you such income.
TDS or tax deducted at source is a process of collecting Income Tax at the source. It is a process of deducting the tax from the original source of income.
TDS is calculated and levied on the basis of a certain threshold limit, which is the maximum level of income after which TDS will be deducted from your future income/payments. It is deducted as per the Indian Income Tax Act, 1961.
As I told earlier, apart from salary income and Bank FD earning, there are many ways TDS is deducted like interest income from the post office, insurance commission, rent payment, early EPF withdrawals, the sale of immovable property, rent payments on property etc.,
Budget 2020 – Introduction of Sec.194K and TDS on Dividend Income in Mutual Fund
With the introduction of new Sec.194K, Mutual Fund Companies will deduct the TDS on your Dividend Income if your such Dividend Income is more than Rs.5,000 in a Financial Year.
There was a huge cry and confusion with respect to this section. However, later on CBDT came with clarification and mentioned that such TDS will be applicable for Dividend Options only.
Hence, any capital gain in mutual funds with respect to sale or transfer of mutual funds will not attract any TDS.
Note:-Avoiding TDS does not mean avoiding TAX. As DDT was abolished in the hands of the Mutual Fund Companies, the Dividend income will be taxable as per your tax slab. If your tax slab is 30% and TDS was done at 10%, then your tax liability will not end there. You have to pay the remaining 20% Tax.
However, if your tax slab is 10% and TDS was deducted on such dividend income, then you no need to pay any further tax.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
Now, let us see the complete Latest TDS Rate Chart for FY 2020-21 (AY 2021-22).
Latest TDS Rate Chart FY 2020-21 (AY 2021-22) for NRIs
When it comes to TDS, the rules changes to NRIs. Hence, let us discuss on this aspect separately.
# Interest earned on Non-Resident Ordinary Account (NRO) is taxable. TDS of 30% is applicable to it. But interest earned on Non-Resident External (NRE) accounts and Foreign Currency Non-Resident (FCNR) accounts is not taxed in India. Hence, there is no tax deducted at source on NRE and FCNR interest income.
# NRI Investments in Shares / Mutual Funds attract TDS and below are the TDS rate applicable on MF redemptions by NRIs for FY 2020-21.
Note:-STCG and LTCG along with applicable surcharge, and Health and Education Cess will be deducted at the time of redemption of units in case of NRIs
# Under Sec.195, when an NRI sells a property, the buyer is liable to deduct TDS @ 20% on Long Term Capital Gains. In case the property has been sold before 2 years (reduced from the date of purchase), a TDS of 30% shall be applicable (on Short Term Capital Gains).
Misconceptions about TDS (Tax Deducted at Source)
# Avoiding TDS does not mean avoiding Tax. You just avoid the deduction of tax. However, you have to pay the tax as per the applicable rules and tax rate even if you avoided TDS. For example, in case of FDs, one can give Form 15G or Form 15H and avoid TDS. But it does not mean that such FD interest income is tax free. You have to pay the tax on such interest as per applicable tax rates.
Hence, never rush to submit Form15G/H or any method just to avoid TDs.
# If you paid the TDS, then your tax liability does not end there itself. You have to file IT return and if anything more than TDS is payable, then you have to pay it.
# All are not eligible to submit the Form 15G or Form 15H. Because only those individuals are eligible to submit the Form 15G or Form 15H whose total taxable income is NIL and also and the total of the aggregate of your income for which form 15 G can be submitted should not exceed the basic exemption limit. But sadly neither individual care about such rules nor the Banks who accept the forms.
Hope this much information is enough for you to understand the Latest TDS Rate Chart FY 2020-21 (AY 2021-22).
Refer our other posts related to Budget 2020:-
Mutual Fund Taxation FY 2020-21 (AY2021-22)
Latest Income Tax Slab Rates FY 2020-21 (AY 2021-22)
New Tax Regime – Complete list of exemptions and deductions not allowed
Taxation on Side Pocketed or Segregated Mutual Funds
Budget 2020 Highlights – 5 Changes you must know
The post Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) appeared first on BasuNivesh.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) published first on https://mbploans.tumblr.com/
0 notes
Text
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
What is the latest TDS Rate Chart for FY 2020-21 (AY 2021-22)? What do you mean by TDS? What is the applicable TDS Rates for NRIs for FY 2020-21 (AY 2021-22)?
When we receive income through different ways like Salary, Dividend income from mutual funds or stocks, commission, rent, interest on Bank Fixed Deposits / Securities etc., the providers of this income like Bank or your employer deduct the tax before transferring you such income.
TDS or tax deducted at source is a process of collecting Income Tax at the source. It is a process of deducting the tax from the original source of income.
TDS is calculated and levied on the basis of a certain threshold limit, which is the maximum level of income after which TDS will be deducted from your future income/payments. It is deducted as per the Indian Income Tax Act, 1961.
As I told earlier, apart from salary income and Bank FD earning, there are many ways TDS is deducted like interest income from the post office, insurance commission, rent payment, early EPF withdrawals, the sale of immovable property, rent payments on property etc.,
Budget 2020 – Introduction of Sec.194K and TDS on Dividend Income in Mutual Fund
With the introduction of new Sec.194K, Mutual Fund Companies will deduct the TDS on your Dividend Income if your such Dividend Income is more than Rs.5,000 in a Financial Year.
There was a huge cry and confusion with respect to this section. However, later on CBDT came with clarification and mentioned that such TDS will be applicable for Dividend Options only.
Hence, any capital gain in mutual funds with respect to sale or transfer of mutual funds will not attract any TDS.
Note:-Avoiding TDS does not mean avoiding TAX. As DDT was abolished in the hands of the Mutual Fund Companies, the Dividend income will be taxable as per your tax slab. If your tax slab is 30% and TDS was done at 10%, then your tax liability will not end there. You have to pay the remaining 20% Tax.
However, if your tax slab is 10% and TDS was deducted on such dividend income, then you no need to pay any further tax.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
Now, let us see the complete Latest TDS Rate Chart for FY 2020-21 (AY 2021-22).
Latest TDS Rate Chart FY 2020-21 (AY 2021-22) for NRIs
When it comes to TDS, the rules changes to NRIs. Hence, let us discuss on this aspect separately.
# Interest earned on Non-Resident Ordinary Account (NRO) is taxable. TDS of 30% is applicable to it. But interest earned on Non-Resident External (NRE) accounts and Foreign Currency Non-Resident (FCNR) accounts is not taxed in India. Hence, there is no tax deducted at source on NRE and FCNR interest income.
# NRI Investments in Shares / Mutual Funds attract TDS and below are the TDS rate applicable on MF redemptions by NRIs for FY 2020-21.
Note:-STCG and LTCG along with applicable surcharge, and Health and Education Cess will be deducted at the time of redemption of units in case of NRIs
# Under Sec.195, when an NRI sells a property, the buyer is liable to deduct TDS @ 20% on Long Term Capital Gains. In case the property has been sold before 2 years (reduced from the date of purchase), a TDS of 30% shall be applicable (on Short Term Capital Gains).
Misconceptions about TDS (Tax Deducted at Source)
# Avoiding TDS does not mean avoiding Tax. You just avoid the deduction of tax. However, you have to pay the tax as per the applicable rules and tax rate even if you avoided TDS. For example, in case of FDs, one can give Form 15G or Form 15H and avoid TDS. But it does not mean that such FD interest income is tax free. You have to pay the tax on such interest as per applicable tax rates.
Hence, never rush to submit Form15G/H or any method just to avoid TDs.
# If you paid the TDS, then your tax liability does not end there itself. You have to file IT return and if anything more than TDS is payable, then you have to pay it.
# All are not eligible to submit the Form 15G or Form 15H. Because only those individuals are eligible to submit the Form 15G or Form 15H whose total taxable income is NIL and also and the total of the aggregate of your income for which form 15 G can be submitted should not exceed the basic exemption limit. But sadly neither individual care about such rules nor the Banks who accept the forms.
Hope this much information is enough for you to understand the Latest TDS Rate Chart FY 2020-21 (AY 2021-22).
Refer our other posts related to Budget 2020:-
Mutual Fund Taxation FY 2020-21 (AY2021-22)
Latest Income Tax Slab Rates FY 2020-21 (AY 2021-22)
New Tax Regime – Complete list of exemptions and deductions not allowed
Taxation on Side Pocketed or Segregated Mutual Funds
Budget 2020 Highlights – 5 Changes you must know
The post Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) appeared first on BasuNivesh.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) published first on https://mbploans.tumblr.com/
0 notes
Text
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
What is the latest TDS Rate Chart for FY 2020-21 (AY 2021-22)? What do you mean by TDS? What is the applicable TDS Rates for NRIs for FY 2020-21 (AY 2021-22)?
When we receive income through different ways like Salary, Dividend income from mutual funds or stocks, commission, rent, interest on Bank Fixed Deposits / Securities etc., the providers of this income like Bank or your employer deduct the tax before transferring you such income.
TDS or tax deducted at source is a process of collecting Income Tax at the source. It is a process of deducting the tax from the original source of income.
TDS is calculated and levied on the basis of a certain threshold limit, which is the maximum level of income after which TDS will be deducted from your future income/payments. It is deducted as per the Indian Income Tax Act, 1961.
As I told earlier, apart from salary income and Bank FD earning, there are many ways TDS is deducted like interest income from the post office, insurance commission, rent payment, early EPF withdrawals, the sale of immovable property, rent payments on property etc.,
Budget 2020 – Introduction of Sec.194K and TDS on Dividend Income in Mutual Fund
With the introduction of new Sec.194K, Mutual Fund Companies will deduct the TDS on your Dividend Income if your such Dividend Income is more than Rs.5,000 in a Financial Year.
There was a huge cry and confusion with respect to this section. However, later on CBDT came with clarification and mentioned that such TDS will be applicable for Dividend Options only.
Hence, any capital gain in mutual funds with respect to sale or transfer of mutual funds will not attract any TDS.
Note:-Avoiding TDS does not mean avoiding TAX. As DDT was abolished in the hands of the Mutual Fund Companies, the Dividend income will be taxable as per your tax slab. If your tax slab is 30% and TDS was done at 10%, then your tax liability will not end there. You have to pay the remaining 20% Tax.
However, if your tax slab is 10% and TDS was deducted on such dividend income, then you no need to pay any further tax.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
Now, let us see the complete Latest TDS Rate Chart for FY 2020-21 (AY 2021-22).
Latest TDS Rate Chart FY 2020-21 (AY 2021-22) for NRIs
When it comes to TDS, the rules changes to NRIs. Hence, let us discuss on this aspect separately.
# Interest earned on Non-Resident Ordinary Account (NRO) is taxable. TDS of 30% is applicable to it. But interest earned on Non-Resident External (NRE) accounts and Foreign Currency Non-Resident (FCNR) accounts is not taxed in India. Hence, there is no tax deducted at source on NRE and FCNR interest income.
# NRI Investments in Shares / Mutual Funds attract TDS and below are the TDS rate applicable on MF redemptions by NRIs for FY 2020-21.
Note:-STCG and LTCG along with applicable surcharge, and Health and Education Cess will be deducted at the time of redemption of units in case of NRIs
# Under Sec.195, when an NRI sells a property, the buyer is liable to deduct TDS @ 20% on Long Term Capital Gains. In case the property has been sold before 2 years (reduced from the date of purchase), a TDS of 30% shall be applicable (on Short Term Capital Gains).
Misconceptions about TDS (Tax Deducted at Source)
# Avoiding TDS does not mean avoiding Tax. You just avoid the deduction of tax. However, you have to pay the tax as per the applicable rules and tax rate even if you avoided TDS. For example, in case of FDs, one can give Form 15G or Form 15H and avoid TDS. But it does not mean that such FD interest income is tax free. You have to pay the tax on such interest as per applicable tax rates.
Hence, never rush to submit Form15G/H or any method just to avoid TDs.
# If you paid the TDS, then your tax liability does not end there itself. You have to file IT return and if anything more than TDS is payable, then you have to pay it.
# All are not eligible to submit the Form 15G or Form 15H. Because only those individuals are eligible to submit the Form 15G or Form 15H whose total taxable income is NIL and also and the total of the aggregate of your income for which form 15 G can be submitted should not exceed the basic exemption limit. But sadly neither individual care about such rules nor the Banks who accept the forms.
Hope this much information is enough for you to understand the Latest TDS Rate Chart FY 2020-21 (AY 2021-22).
Refer our other posts related to Budget 2020:-
Mutual Fund Taxation FY 2020-21 (AY2021-22)
Latest Income Tax Slab Rates FY 2020-21 (AY 2021-22)
New Tax Regime – Complete list of exemptions and deductions not allowed
Taxation on Side Pocketed or Segregated Mutual Funds
Budget 2020 Highlights – 5 Changes you must know
The post Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) appeared first on BasuNivesh.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) published first on https://mbploans.tumblr.com/
0 notes
Text
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
What is the latest TDS Rate Chart for FY 2020-21 (AY 2021-22)? What do you mean by TDS? What is the applicable TDS Rates for NRIs for FY 2020-21 (AY 2021-22)?
When we receive income through different ways like Salary, Dividend income from mutual funds or stocks, commission, rent, interest on Bank Fixed Deposits / Securities etc., the providers of this income like Bank or your employer deduct the tax before transferring you such income.
TDS or tax deducted at source is a process of collecting Income Tax at the source. It is a process of deducting the tax from the original source of income.
TDS is calculated and levied on the basis of a certain threshold limit, which is the maximum level of income after which TDS will be deducted from your future income/payments. It is deducted as per the Indian Income Tax Act, 1961.
As I told earlier, apart from salary income and Bank FD earning, there are many ways TDS is deducted like interest income from the post office, insurance commission, rent payment, early EPF withdrawals, the sale of immovable property, rent payments on property etc.,
Budget 2020 – Introduction of Sec.194K and TDS on Dividend Income in Mutual Fund
With the introduction of new Sec.194K, Mutual Fund Companies will deduct the TDS on your Dividend Income if your such Dividend Income is more than Rs.5,000 in a Financial Year.
There was a huge cry and confusion with respect to this section. However, later on CBDT came with clarification and mentioned that such TDS will be applicable for Dividend Options only.
Hence, any capital gain in mutual funds with respect to sale or transfer of mutual funds will not attract any TDS.
Note:-Avoiding TDS does not mean avoiding TAX. As DDT was abolished in the hands of the Mutual Fund Companies, the Dividend income will be taxable as per your tax slab. If your tax slab is 30% and TDS was done at 10%, then your tax liability will not end there. You have to pay the remaining 20% Tax.
However, if your tax slab is 10% and TDS was deducted on such dividend income, then you no need to pay any further tax.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
Now, let us see the complete Latest TDS Rate Chart for FY 2020-21 (AY 2021-22).
Latest TDS Rate Chart FY 2020-21 (AY 2021-22) for NRIs
When it comes to TDS, the rules changes to NRIs. Hence, let us discuss on this aspect separately.
# Interest earned on Non-Resident Ordinary Account (NRO) is taxable. TDS of 30% is applicable to it. But interest earned on Non-Resident External (NRE) accounts and Foreign Currency Non-Resident (FCNR) accounts is not taxed in India. Hence, there is no tax deducted at source on NRE and FCNR interest income.
# NRI Investments in Shares / Mutual Funds attract TDS and below are the TDS rate applicable on MF redemptions by NRIs for FY 2020-21.
Note:-STCG and LTCG along with applicable surcharge, and Health and Education Cess will be deducted at the time of redemption of units in case of NRIs
# Under Sec.195, when an NRI sells a property, the buyer is liable to deduct TDS @ 20% on Long Term Capital Gains. In case the property has been sold before 2 years (reduced from the date of purchase), a TDS of 30% shall be applicable (on Short Term Capital Gains).
Misconceptions about TDS (Tax Deducted at Source)
# Avoiding TDS does not mean avoiding Tax. You just avoid the deduction of tax. However, you have to pay the tax as per the applicable rules and tax rate even if you avoided TDS. For example, in case of FDs, one can give Form 15G or Form 15H and avoid TDS. But it does not mean that such FD interest income is tax free. You have to pay the tax on such interest as per applicable tax rates.
Hence, never rush to submit Form15G/H or any method just to avoid TDs.
# If you paid the TDS, then your tax liability does not end there itself. You have to file IT return and if anything more than TDS is payable, then you have to pay it.
# All are not eligible to submit the Form 15G or Form 15H. Because only those individuals are eligible to submit the Form 15G or Form 15H whose total taxable income is NIL and also and the total of the aggregate of your income for which form 15 G can be submitted should not exceed the basic exemption limit. But sadly neither individual care about such rules nor the Banks who accept the forms.
Hope this much information is enough for you to understand the Latest TDS Rate Chart FY 2020-21 (AY 2021-22).
Refer our other posts related to Budget 2020:-
Mutual Fund Taxation FY 2020-21 (AY2021-22)
Latest Income Tax Slab Rates FY 2020-21 (AY 2021-22)
New Tax Regime – Complete list of exemptions and deductions not allowed
Taxation on Side Pocketed or Segregated Mutual Funds
Budget 2020 Highlights – 5 Changes you must know
The post Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) appeared first on BasuNivesh.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) published first on https://mbploans.tumblr.com/
0 notes
Text
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
What is the latest TDS Rate Chart for FY 2020-21 (AY 2021-22)? What do you mean by TDS? What is the applicable TDS Rates for NRIs for FY 2020-21 (AY 2021-22)?
When we receive income through different ways like Salary, Dividend income from mutual funds or stocks, commission, rent, interest on Bank Fixed Deposits / Securities etc., the providers of this income like Bank or your employer deduct the tax before transferring you such income.
TDS or tax deducted at source is a process of collecting Income Tax at the source. It is a process of deducting the tax from the original source of income.
TDS is calculated and levied on the basis of a certain threshold limit, which is the maximum level of income after which TDS will be deducted from your future income/payments. It is deducted as per the Indian Income Tax Act, 1961.
As I told earlier, apart from salary income and Bank FD earning, there are many ways TDS is deducted like interest income from the post office, insurance commission, rent payment, early EPF withdrawals, the sale of immovable property, rent payments on property etc.,
Budget 2020 – Introduction of Sec.194K and TDS on Dividend Income in Mutual Fund
With the introduction of new Sec.194K, Mutual Fund Companies will deduct the TDS on your Dividend Income if your such Dividend Income is more than Rs.5,000 in a Financial Year.
There was a huge cry and confusion with respect to this section. However, later on CBDT came with clarification and mentioned that such TDS will be applicable for Dividend Options only.
Hence, any capital gain in mutual funds with respect to sale or transfer of mutual funds will not attract any TDS.
Note:-Avoiding TDS does not mean avoiding TAX. As DDT was abolished in the hands of the Mutual Fund Companies, the Dividend income will be taxable as per your tax slab. If your tax slab is 30% and TDS was done at 10%, then your tax liability will not end there. You have to pay the remaining 20% Tax.
However, if your tax slab is 10% and TDS was deducted on such dividend income, then you no need to pay any further tax.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
Now, let us see the complete Latest TDS Rate Chart for FY 2020-21 (AY 2021-22).
Latest TDS Rate Chart FY 2020-21 (AY 2021-22) for NRIs
When it comes to TDS, the rules changes to NRIs. Hence, let us discuss on this aspect separately.
# Interest earned on Non-Resident Ordinary Account (NRO) is taxable. TDS of 30% is applicable to it. But interest earned on Non-Resident External (NRE) accounts and Foreign Currency Non-Resident (FCNR) accounts is not taxed in India. Hence, there is no tax deducted at source on NRE and FCNR interest income.
# NRI Investments in Shares / Mutual Funds attract TDS and below are the TDS rate applicable on MF redemptions by NRIs for FY 2020-21.
Note:-STCG and LTCG along with applicable surcharge, and Health and Education Cess will be deducted at the time of redemption of units in case of NRIs
# Under Sec.195, when an NRI sells a property, the buyer is liable to deduct TDS @ 20% on Long Term Capital Gains. In case the property has been sold before 2 years (reduced from the date of purchase), a TDS of 30% shall be applicable (on Short Term Capital Gains).
Misconceptions about TDS (Tax Deducted at Source)
# Avoiding TDS does not mean avoiding Tax. You just avoid the deduction of tax. However, you have to pay the tax as per the applicable rules and tax rate even if you avoided TDS. For example, in case of FDs, one can give Form 15G or Form 15H and avoid TDS. But it does not mean that such FD interest income is tax free. You have to pay the tax on such interest as per applicable tax rates.
Hence, never rush to submit Form15G/H or any method just to avoid TDs.
# If you paid the TDS, then your tax liability does not end there itself. You have to file IT return and if anything more than TDS is payable, then you have to pay it.
# All are not eligible to submit the Form 15G or Form 15H. Because only those individuals are eligible to submit the Form 15G or Form 15H whose total taxable income is NIL and also and the total of the aggregate of your income for which form 15 G can be submitted should not exceed the basic exemption limit. But sadly neither individual care about such rules nor the Banks who accept the forms.
Hope this much information is enough for you to understand the Latest TDS Rate Chart FY 2020-21 (AY 2021-22).
Refer our other posts related to Budget 2020:-
Mutual Fund Taxation FY 2020-21 (AY2021-22)
Latest Income Tax Slab Rates FY 2020-21 (AY 2021-22)
New Tax Regime – Complete list of exemptions and deductions not allowed
Taxation on Side Pocketed or Segregated Mutual Funds
Budget 2020 Highlights – 5 Changes you must know
The post Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) appeared first on BasuNivesh.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) published first on https://mbploans.tumblr.com/
0 notes
Text
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
What is the latest TDS Rate Chart for FY 2020-21 (AY 2021-22)? What do you mean by TDS? What is the applicable TDS Rates for NRIs for FY 2020-21 (AY 2021-22)?
When we receive income through different ways like Salary, Dividend income from mutual funds or stocks, commission, rent, interest on Bank Fixed Deposits / Securities etc., the providers of this income like Bank or your employer deduct the tax before transferring you such income.
TDS or tax deducted at source is a process of collecting Income Tax at the source. It is a process of deducting the tax from the original source of income.
TDS is calculated and levied on the basis of a certain threshold limit, which is the maximum level of income after which TDS will be deducted from your future income/payments. It is deducted as per the Indian Income Tax Act, 1961.
As I told earlier, apart from salary income and Bank FD earning, there are many ways TDS is deducted like interest income from the post office, insurance commission, rent payment, early EPF withdrawals, the sale of immovable property, rent payments on property etc.,
Budget 2020 – Introduction of Sec.194K and TDS on Dividend Income in Mutual Fund
With the introduction of new Sec.194K, Mutual Fund Companies will deduct the TDS on your Dividend Income if your such Dividend Income is more than Rs.5,000 in a Financial Year.
There was a huge cry and confusion with respect to this section. However, later on CBDT came with clarification and mentioned that such TDS will be applicable for Dividend Options only.
Hence, any capital gain in mutual funds with respect to sale or transfer of mutual funds will not attract any TDS.
Note:-Avoiding TDS does not mean avoiding TAX. As DDT was abolished in the hands of the Mutual Fund Companies, the Dividend income will be taxable as per your tax slab. If your tax slab is 30% and TDS was done at 10%, then your tax liability will not end there. You have to pay the remaining 20% Tax.
However, if your tax slab is 10% and TDS was deducted on such dividend income, then you no need to pay any further tax.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
Now, let us see the complete Latest TDS Rate Chart for FY 2020-21 (AY 2021-22).
Latest TDS Rate Chart FY 2020-21 (AY 2021-22) for NRIs
When it comes to TDS, the rules changes to NRIs. Hence, let us discuss on this aspect separately.
# Interest earned on Non-Resident Ordinary Account (NRO) is taxable. TDS of 30% is applicable to it. But interest earned on Non-Resident External (NRE) accounts and Foreign Currency Non-Resident (FCNR) accounts is not taxed in India. Hence, there is no tax deducted at source on NRE and FCNR interest income.
# NRI Investments in Shares / Mutual Funds attract TDS and below are the TDS rate applicable on MF redemptions by NRIs for FY 2020-21.
Note:-STCG and LTCG along with applicable surcharge, and Health and Education Cess will be deducted at the time of redemption of units in case of NRIs
# Under Sec.195, when an NRI sells a property, the buyer is liable to deduct TDS @ 20% on Long Term Capital Gains. In case the property has been sold before 2 years (reduced from the date of purchase), a TDS of 30% shall be applicable (on Short Term Capital Gains).
Misconceptions about TDS (Tax Deducted at Source)
# Avoiding TDS does not mean avoiding Tax. You just avoid the deduction of tax. However, you have to pay the tax as per the applicable rules and tax rate even if you avoided TDS. For example, in case of FDs, one can give Form 15G or Form 15H and avoid TDS. But it does not mean that such FD interest income is tax free. You have to pay the tax on such interest as per applicable tax rates.
Hence, never rush to submit Form15G/H or any method just to avoid TDs.
# If you paid the TDS, then your tax liability does not end there itself. You have to file IT return and if anything more than TDS is payable, then you have to pay it.
# All are not eligible to submit the Form 15G or Form 15H. Because only those individuals are eligible to submit the Form 15G or Form 15H whose total taxable income is NIL and also and the total of the aggregate of your income for which form 15 G can be submitted should not exceed the basic exemption limit. But sadly neither individual care about such rules nor the Banks who accept the forms.
Hope this much information is enough for you to understand the Latest TDS Rate Chart FY 2020-21 (AY 2021-22).
Refer our other posts related to Budget 2020:-
Mutual Fund Taxation FY 2020-21 (AY2021-22)
Latest Income Tax Slab Rates FY 2020-21 (AY 2021-22)
New Tax Regime – Complete list of exemptions and deductions not allowed
Taxation on Side Pocketed or Segregated Mutual Funds
Budget 2020 Highlights – 5 Changes you must know
The post Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) appeared first on BasuNivesh.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) published first on https://mbploans.tumblr.com/
0 notes
Text
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
What is the latest TDS Rate Chart for FY 2020-21 (AY 2021-22)? What do you mean by TDS? What is the applicable TDS Rates for NRIs for FY 2020-21 (AY 2021-22)?
When we receive income through different ways like Salary, Dividend income from mutual funds or stocks, commission, rent, interest on Bank Fixed Deposits / Securities etc., the providers of this income like Bank or your employer deduct the tax before transferring you such income.
TDS or tax deducted at source is a process of collecting Income Tax at the source. It is a process of deducting the tax from the original source of income.
TDS is calculated and levied on the basis of a certain threshold limit, which is the maximum level of income after which TDS will be deducted from your future income/payments. It is deducted as per the Indian Income Tax Act, 1961.
As I told earlier, apart from salary income and Bank FD earning, there are many ways TDS is deducted like interest income from the post office, insurance commission, rent payment, early EPF withdrawals, the sale of immovable property, rent payments on property etc.,
Budget 2020 – Introduction of Sec.194K and TDS on Dividend Income in Mutual Fund
With the introduction of new Sec.194K, Mutual Fund Companies will deduct the TDS on your Dividend Income if your such Dividend Income is more than Rs.5,000 in a Financial Year.
There was a huge cry and confusion with respect to this section. However, later on CBDT came with clarification and mentioned that such TDS will be applicable for Dividend Options only.
Hence, any capital gain in mutual funds with respect to sale or transfer of mutual funds will not attract any TDS.
Note:-Avoiding TDS does not mean avoiding TAX. As DDT was abolished in the hands of the Mutual Fund Companies, the Dividend income will be taxable as per your tax slab. If your tax slab is 30% and TDS was done at 10%, then your tax liability will not end there. You have to pay the remaining 20% Tax.
However, if your tax slab is 10% and TDS was deducted on such dividend income, then you no need to pay any further tax.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
Now, let us see the complete Latest TDS Rate Chart for FY 2020-21 (AY 2021-22).
Latest TDS Rate Chart FY 2020-21 (AY 2021-22) for NRIs
When it comes to TDS, the rules changes to NRIs. Hence, let us discuss on this aspect separately.
# Interest earned on Non-Resident Ordinary Account (NRO) is taxable. TDS of 30% is applicable to it. But interest earned on Non-Resident External (NRE) accounts and Foreign Currency Non-Resident (FCNR) accounts is not taxed in India. Hence, there is no tax deducted at source on NRE and FCNR interest income.
# NRI Investments in Shares / Mutual Funds attract TDS and below are the TDS rate applicable on MF redemptions by NRIs for FY 2020-21.
Note:-STCG and LTCG along with applicable surcharge, and Health and Education Cess will be deducted at the time of redemption of units in case of NRIs
# Under Sec.195, when an NRI sells a property, the buyer is liable to deduct TDS @ 20% on Long Term Capital Gains. In case the property has been sold before 2 years (reduced from the date of purchase), a TDS of 30% shall be applicable (on Short Term Capital Gains).
Misconceptions about TDS (Tax Deducted at Source)
# Avoiding TDS does not mean avoiding Tax. You just avoid the deduction of tax. However, you have to pay the tax as per the applicable rules and tax rate even if you avoided TDS. For example, in case of FDs, one can give Form 15G or Form 15H and avoid TDS. But it does not mean that such FD interest income is tax free. You have to pay the tax on such interest as per applicable tax rates.
Hence, never rush to submit Form15G/H or any method just to avoid TDs.
# If you paid the TDS, then your tax liability does not end there itself. You have to file IT return and if anything more than TDS is payable, then you have to pay it.
# All are not eligible to submit the Form 15G or Form 15H. Because only those individuals are eligible to submit the Form 15G or Form 15H whose total taxable income is NIL and also and the total of the aggregate of your income for which form 15 G can be submitted should not exceed the basic exemption limit. But sadly neither individual care about such rules nor the Banks who accept the forms.
Hope this much information is enough for you to understand the Latest TDS Rate Chart FY 2020-21 (AY 2021-22).
Refer our other posts related to Budget 2020:-
Mutual Fund Taxation FY 2020-21 (AY2021-22)
Latest Income Tax Slab Rates FY 2020-21 (AY 2021-22)
New Tax Regime – Complete list of exemptions and deductions not allowed
Taxation on Side Pocketed or Segregated Mutual Funds
Budget 2020 Highlights – 5 Changes you must know
The post Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) appeared first on BasuNivesh.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) published first on https://mbploans.tumblr.com/
0 notes
Text
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
What is the latest TDS Rate Chart for FY 2020-21 (AY 2021-22)? What do you mean by TDS? What is the applicable TDS Rates for NRIs for FY 2020-21 (AY 2021-22)?
When we receive income through different ways like Salary, Dividend income from mutual funds or stocks, commission, rent, interest on Bank Fixed Deposits / Securities etc., the providers of this income like Bank or your employer deduct the tax before transferring you such income.
TDS or tax deducted at source is a process of collecting Income Tax at the source. It is a process of deducting the tax from the original source of income.
TDS is calculated and levied on the basis of a certain threshold limit, which is the maximum level of income after which TDS will be deducted from your future income/payments. It is deducted as per the Indian Income Tax Act, 1961.
As I told earlier, apart from salary income and Bank FD earning, there are many ways TDS is deducted like interest income from the post office, insurance commission, rent payment, early EPF withdrawals, the sale of immovable property, rent payments on property etc.,
Budget 2020 – Introduction of Sec.194K and TDS on Dividend Income in Mutual Fund
With the introduction of new Sec.194K, Mutual Fund Companies will deduct the TDS on your Dividend Income if your such Dividend Income is more than Rs.5,000 in a Financial Year.
There was a huge cry and confusion with respect to this section. However, later on CBDT came with clarification and mentioned that such TDS will be applicable for Dividend Options only.
Hence, any capital gain in mutual funds with respect to sale or transfer of mutual funds will not attract any TDS.
Note:-Avoiding TDS does not mean avoiding TAX. As DDT was abolished in the hands of the Mutual Fund Companies, the Dividend income will be taxable as per your tax slab. If your tax slab is 30% and TDS was done at 10%, then your tax liability will not end there. You have to pay the remaining 20% Tax.
However, if your tax slab is 10% and TDS was deducted on such dividend income, then you no need to pay any further tax.
Latest TDS Rate Chart for FY 2020-21 (AY 2021-22)
Now, let us see the complete Latest TDS Rate Chart for FY 2020-21 (AY 2021-22).
Latest TDS Rate Chart FY 2020-21 (AY 2021-22) for NRIs
When it comes to TDS, the rules changes to NRIs. Hence, let us discuss on this aspect separately.
# Interest earned on Non-Resident Ordinary Account (NRO) is taxable. TDS of 30% is applicable to it. But interest earned on Non-Resident External (NRE) accounts and Foreign Currency Non-Resident (FCNR) accounts is not taxed in India. Hence, there is no tax deducted at source on NRE and FCNR interest income.
# NRI Investments in Shares / Mutual Funds attract TDS and below are the TDS rate applicable on MF redemptions by NRIs for FY 2020-21.
Note:-STCG and LTCG along with applicable surcharge, and Health and Education Cess will be deducted at the time of redemption of units in case of NRIs
# Under Sec.195, when an NRI sells a property, the buyer is liable to deduct TDS @ 20% on Long Term Capital Gains. In case the property has been sold before 2 years (reduced from the date of purchase), a TDS of 30% shall be applicable (on Short Term Capital Gains).
Misconceptions about TDS (Tax Deducted at Source)
# Avoiding TDS does not mean avoiding Tax. You just avoid the deduction of tax. However, you have to pay the tax as per the applicable rules and tax rate even if you avoided TDS. For example, in case of FDs, one can give Form 15G or Form 15H and avoid TDS. But it does not mean that such FD interest income is tax free. You have to pay the tax on such interest as per applicable tax rates.
Hence, never rush to submit Form15G/H or any method just to avoid TDs.
# If you paid the TDS, then your tax liability does not end there itself. You have to file IT return and if anything more than TDS is payable, then you have to pay it.
# All are not eligible to submit the Form 15G or Form 15H. Because only those individuals are eligible to submit the Form 15G or Form 15H whose total taxable income is NIL and also and the total of the aggregate of your income for which form 15 G can be submitted should not exceed the basic exemption limit. But sadly neither individual care about such rules nor the Banks who accept the forms.
Hope this much information is enough for you to understand the Latest TDS Rate Chart FY 2020-21 (AY 2021-22).
Refer our other posts related to Budget 2020:-
Mutual Fund Taxation FY 2020-21 (AY2021-22)
Latest Income Tax Slab Rates FY 2020-21 (AY 2021-22)
New Tax Regime – Complete list of exemptions and deductions not allowed
Taxation on Side Pocketed or Segregated Mutual Funds
Budget 2020 Highlights – 5 Changes you must know
The post Latest TDS Rate Chart for FY 2020-21 (AY 2021-22) appeared first on BasuNivesh.
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NPS Tax Benefits 2020 – Sec.80CCD(1), 80CCD(2) and 80CCD(1B)
Post Budget 2020, what are the NPS Tax Benefits 2020 under Sec.80CCD(1), 80CCD(2) and 80CCD(1B) and especially if you opted the new tax regime? Let us understand the changes in detail.
All of you know that during the Budget 2020, the Government introduced the new tax regime. Also, the Government gave you an option to choose either the old tax regime or the new tax regime.
However, if you try to choose the new tax regime, then you have to forget certain deductions and exemptions. I have written posts related to Budget 2020 and the changes in your tax rules in various posts and listing the same as below:-
Budget 2020 Highlights – 5 Changes you must know
Latest Income Tax Slab Rates FY 2020-21 (AY 2021-22)
Mutual Fund Taxation FY 2020-21 (AY2021-22)
New Tax Regime – Complete list of exemptions and deductions not allowed
Because of these changes, many of us have confusion about what will be the NPS Tax Benefits 2020? Whether one can avail the tax benefits as we used to avail up to FY 2019-20.
NPS Tax Benefits 2020 – Sec.80CCD(1), 80CCD(2) and 80CCD(1B)
Now let us understand the various taxation issues with respect to NPS.
1. NPS Tax Benefits while investing
First, let us understand the NPS Tax benefits you will get at the time of investing. Due to Budget 2020, here the big changes happened and hence let us understand what are the tax benefits if you opted for an old tax regime and what if you opted for the new tax regime.
a) NPS Tax Benefits 2020 under the old tax regime
If you wish to retain the old tax regime for your IT return filing, then the old taxation rules with respect to NPS will continue as usual.
I tried to explain the same from the below image. Remember that tax benefits under Tier 1 and Tier 2 are not available for all investors. Tier 2 tax benefits are available only for Government Employees. (Refer the post related to the difference between Tier 1 and Tier 2 of NPS at “Difference between Tier 1 and Tier 2 Account in NPS“. For others, there are no tax benefits if you invest in Tier 2 Account of NPS.
Let us discuss one by one as below.
NPS Tax Benefits while investing in Tier 1 Account
NPS Tax Benefits under Sec.80CCD (1)
The maximum benefit available is Rs.1.5 lakh (including Sec.80C limit).
An individual’s maximum 20% of annual income (Earlier it was 10% but after Budget 2017, it increased to 20%) or an employee’s (10% of Basic+DA) contribution will be eligible for deduction.
As I said above, this section will form the part of Sec.80C limit.
NPS Tax Benefits under Sec.80CCD (2)
There is a misconception among many that there is no upper limit for this section. However, the limit is the least of 3 conditions. 1) Amount contributed by an employer, 2) 10% of Basic+DA (For Central Government Employees it is now 14% of Basic+DA effective from 1st April 2019) and 3) Gross Total Income.
This is an additional deduction that will not form the part of Sec.80C limit.
The deduction under this section will not be eligible for self-employed.
NPS Tax Benefits under Sec.80CCD (1B)
This is the additional tax benefit of up to Rs.50,000 eligible for income tax deduction and was introduced in the Budger 2015
Introduced in Budget 2015. One can avail the benefit of this Sect.80CCD (1B) from FY 2015-16.
Both self-employed and employees are eligible for availing this deduction.
This is over and above Sec.80CCD (1).
NPS Tax Benefits 2020 Tier 2 Account under the old regime
Earlier there was no income tax benefit if you invest in Tier 2 Account. However, due to the Government of India changed rules, if Central Government Employee contributes towards Tier 2 Account, then he can claim the tax benefits under Sec.80C (Combined maximum limit under Sec.80C will be Rs.1.5 lakh ONLY). Also, if someone availed such tax benefits, then the invested money will be locked for 3 years (exactly like ELSS Mutual Funds).
Limit on employer contribution in NPS due to Budget 2020
Also, if your employer contribution under Sec.80CCD(2) is more than Rs.Rs.7,50,000 a year (along with EPF and Superannuation), then such exceeded contribution will be taxable income in the hands of the employee.
In fact, even the returns on such exceeding amount of Rs.7,50,000 (from NPS, EPF, and Superannuation) will be taxable each year.
b) NPS Tax Benefits 2020 under the New Tax Regime
If you adopted the new tax regime, then as I mentioned in my older post ” New Tax Regime – Complete list of exemptions and deductions not allowed“, you have to forget the tax benefits which you are availing under Sec.80C.
Hence, obviously, whatever the NPS Tax Benefits 2020 under Sec.80C, Sec.80CCD(1) and Sec.80CCD(1B) will not be available for you. Because of Sec.80CCD(1) and Sec.80CCD(1B) are part of Sec.80C limit.
However, whatever the employer contribution under Sec.80CCD(2) is eligible for deduction under the new tax regime also.
Limit on employer contribution in NPS due to Budget 2020
Also, if your employer contribution under Sec.80CCD(2) is more than Rs.Rs.7,50,000 a year (along with EPF and Superannuation), then such exceeded contribution will be taxable income in the hands of the employee.
In fact, even the returns on such exceeding amount of Rs.7,50,000 (from NPS, EPF, and Superannuation) will be taxable each year.
NPS Tax Benefit 2020 for Tier 2 Account under the new tax regime
Earlier there was no income tax benefit if you invest in Tier 2 Account. However, due to the Government of India changed rules, if Central Government Employee contributes towards Tier 2 Account, then he can claim the tax benefits under Sec.80C (Combined maximum limit under Sec.80C will be Rs.1.5 lakh ONLY). Also, if someone availed such tax benefits, then the invested money will be locked for 3 years (exactly like ELSS Mutual Funds).
However, under the new tax regime, you are not eligible for tax deduction under Sec.80C, there is no tax benefit if you invest in NPS Tier 2 Account.
2.NPS Tax Benefits 2020– While withdrawing
Assume that you accumulated Rs.100. In this, you have to buy an annuity for Rs.40 from Life Insurance Companies. They will pay you the pension as per the option you have chosen. This pension is taxable as per your income tax slab.
Now the remaining Rs.60 is completely Tax-Free.
Note-As per Budget 2017, the subscriber whose NPS account is at least 10 years old will be eligible for withdrawing 25% of his/her contributions (without accrued income earned thereon). This 25% withdrawal will be part of total 60% withdrawal (which is tax-free).
3. NPS Taxation on Pre-mature withdrawal
In this case, you are allowed to buy an annuity product from the 80% of the accumulated corpus. So there is no confusion here as the annuity will be taxable income for you year on year.
The confusion is about 20% lump sum withdrawal. IT Department need to come out with clarity. The rules just say 40% of lump sum withdrawal from NPS is tax-free. However, in this particular case the lump sum investment is 20%.
Hence, whether the whole 20% is tax-free (as it is less than 40% tax-free limit) or 40% of 20% is only tax-free (i.e. 8% from 20%). As of now, there is no clarity on this aspect.
4. NPS Taxation on Partial withdrawal
Partial withdrawal from NPS is allowed on certain conditions. I explained the same in my post “Latest NPS Withdrawal Rules 2018“.
There is no clarity about the tax treatment relating to this partial withdrawal. However, I feel such partial withdrawal will be taxed in the year of withdrawal as per the subscriber’s income tax slab.
5. NPS Taxation in the event of the death of the subscriber
For Government Employees-Nominee will be allowed to withdraw only 20% lump sum. The nominee must purchase the annuity from the remaining 80%. However, in case the accumulated corpus is less than or equal to Rs.2,00,000 then his spouse (or nominee) can withdraw all the amount at once without any mandatory.
For others-Nominee will be allowed to withdraw 100% accumulated corpus. However, the nominee has a choice to buy an annuity too.
The lump-sum withdrawal by the nominee will be exempt from Income Tax. If the nominee opted for buying an annuity, then annuity income will be taxed as per nominee’s income tax slab in the year of receipt.
The post NPS Tax Benefits 2020 – Sec.80CCD(1), 80CCD(2) and 80CCD(1B) appeared first on BasuNivesh.
NPS Tax Benefits 2020 – Sec.80CCD(1), 80CCD(2) and 80CCD(1B) published first on https://mbploans.tumblr.com/
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NPS Tax Benefits 2020 – Sec.80CCD(1), 80CCD(2) and 80CCD(1B)
Post Budget 2020, what are the NPS Tax Benefits 2020 under Sec.80CCD(1), 80CCD(2) and 80CCD(1B) and especially if you opted the new tax regime? Let us understand the changes in detail.
All of you know that during the Budget 2020, the Government introduced the new tax regime. Also, the Government gave you an option to choose either the old tax regime or the new tax regime.
However, if you try to choose the new tax regime, then you have to forget certain deductions and exemptions. I have written posts related to Budget 2020 and the changes in your tax rules in various posts and listing the same as below:-
Budget 2020 Highlights – 5 Changes you must know
Latest Income Tax Slab Rates FY 2020-21 (AY 2021-22)
Mutual Fund Taxation FY 2020-21 (AY2021-22)
New Tax Regime – Complete list of exemptions and deductions not allowed
Because of these changes, many of us have confusion about what will be the NPS Tax Benefits 2020? Whether one can avail the tax benefits as we used to avail up to FY 2019-20.
NPS Tax Benefits 2020 – Sec.80CCD(1), 80CCD(2) and 80CCD(1B)
Now let us understand the various taxation issues with respect to NPS.
1. NPS Tax Benefits while investing
First, let us understand the NPS Tax benefits you will get at the time of investing. Due to Budget 2020, here the big changes happened and hence let us understand what are the tax benefits if you opted for an old tax regime and what if you opted for the new tax regime.
a) NPS Tax Benefits 2020 under the old tax regime
If you wish to retain the old tax regime for your IT return filing, then the old taxation rules with respect to NPS will continue as usual.
I tried to explain the same from the below image. Remember that tax benefits under Tier 1 and Tier 2 are not available for all investors. Tier 2 tax benefits are available only for Government Employees. (Refer the post related to the difference between Tier 1 and Tier 2 of NPS at “Difference between Tier 1 and Tier 2 Account in NPS“. For others, there are no tax benefits if you invest in Tier 2 Account of NPS.
Let us discuss one by one as below.
NPS Tax Benefits while investing in Tier 1 Account
NPS Tax Benefits under Sec.80CCD (1)
The maximum benefit available is Rs.1.5 lakh (including Sec.80C limit).
An individual’s maximum 20% of annual income (Earlier it was 10% but after Budget 2017, it increased to 20%) or an employee’s (10% of Basic+DA) contribution will be eligible for deduction.
As I said above, this section will form the part of Sec.80C limit.
NPS Tax Benefits under Sec.80CCD (2)
There is a misconception among many that there is no upper limit for this section. However, the limit is the least of 3 conditions. 1) Amount contributed by an employer, 2) 10% of Basic+DA (For Central Government Employees it is now 14% of Basic+DA effective from 1st April 2019) and 3) Gross Total Income.
This is an additional deduction that will not form the part of Sec.80C limit.
The deduction under this section will not be eligible for self-employed.
NPS Tax Benefits under Sec.80CCD (1B)
This is the additional tax benefit of up to Rs.50,000 eligible for income tax deduction and was introduced in the Budger 2015
Introduced in Budget 2015. One can avail the benefit of this Sect.80CCD (1B) from FY 2015-16.
Both self-employed and employees are eligible for availing this deduction.
This is over and above Sec.80CCD (1).
NPS Tax Benefits 2020 Tier 2 Account under the old regime
Earlier there was no income tax benefit if you invest in Tier 2 Account. However, due to the Government of India changed rules, if Central Government Employee contributes towards Tier 2 Account, then he can claim the tax benefits under Sec.80C (Combined maximum limit under Sec.80C will be Rs.1.5 lakh ONLY). Also, if someone availed such tax benefits, then the invested money will be locked for 3 years (exactly like ELSS Mutual Funds).
Limit on employer contribution in NPS due to Budget 2020
Also, if your employer contribution under Sec.80CCD(2) is more than Rs.Rs.7,50,000 a year (along with EPF and Superannuation), then such exceeded contribution will be taxable income in the hands of the employee.
In fact, even the returns on such exceeding amount of Rs.7,50,000 (from NPS, EPF, and Superannuation) will be taxable each year.
b) NPS Tax Benefits 2020 under the New Tax Regime
If you adopted the new tax regime, then as I mentioned in my older post ” New Tax Regime – Complete list of exemptions and deductions not allowed“, you have to forget the tax benefits which you are availing under Sec.80C.
Hence, obviously, whatever the NPS Tax Benefits 2020 under Sec.80C, Sec.80CCD(1) and Sec.80CCD(1B) will not be available for you. Because of Sec.80CCD(1) and Sec.80CCD(1B) are part of Sec.80C limit.
However, whatever the employer contribution under Sec.80CCD(2) is eligible for deduction under the new tax regime also.
Limit on employer contribution in NPS due to Budget 2020
Also, if your employer contribution under Sec.80CCD(2) is more than Rs.Rs.7,50,000 a year (along with EPF and Superannuation), then such exceeded contribution will be taxable income in the hands of the employee.
In fact, even the returns on such exceeding amount of Rs.7,50,000 (from NPS, EPF, and Superannuation) will be taxable each year.
NPS Tax Benefit 2020 for Tier 2 Account under the new tax regime
Earlier there was no income tax benefit if you invest in Tier 2 Account. However, due to the Government of India changed rules, if Central Government Employee contributes towards Tier 2 Account, then he can claim the tax benefits under Sec.80C (Combined maximum limit under Sec.80C will be Rs.1.5 lakh ONLY). Also, if someone availed such tax benefits, then the invested money will be locked for 3 years (exactly like ELSS Mutual Funds).
However, under the new tax regime, you are not eligible for tax deduction under Sec.80C, there is no tax benefit if you invest in NPS Tier 2 Account.
2.NPS Tax Benefits 2020– While withdrawing
Assume that you accumulated Rs.100. In this, you have to buy an annuity for Rs.40 from Life Insurance Companies. They will pay you the pension as per the option you have chosen. This pension is taxable as per your income tax slab.
Now the remaining Rs.60 is completely Tax-Free.
Note-As per Budget 2017, the subscriber whose NPS account is at least 10 years old will be eligible for withdrawing 25% of his/her contributions (without accrued income earned thereon). This 25% withdrawal will be part of total 60% withdrawal (which is tax-free).
3. NPS Taxation on Pre-mature withdrawal
In this case, you are allowed to buy an annuity product from the 80% of the accumulated corpus. So there is no confusion here as the annuity will be taxable income for you year on year.
The confusion is about 20% lump sum withdrawal. IT Department need to come out with clarity. The rules just say 40% of lump sum withdrawal from NPS is tax-free. However, in this particular case the lump sum investment is 20%.
Hence, whether the whole 20% is tax-free (as it is less than 40% tax-free limit) or 40% of 20% is only tax-free (i.e. 8% from 20%). As of now, there is no clarity on this aspect.
4. NPS Taxation on Partial withdrawal
Partial withdrawal from NPS is allowed on certain conditions. I explained the same in my post “Latest NPS Withdrawal Rules 2018“.
There is no clarity about the tax treatment relating to this partial withdrawal. However, I feel such partial withdrawal will be taxed in the year of withdrawal as per the subscriber’s income tax slab.
5. NPS Taxation in the event of the death of the subscriber
For Government Employees-Nominee will be allowed to withdraw only 20% lump sum. The nominee must purchase the annuity from the remaining 80%. However, in case the accumulated corpus is less than or equal to Rs.2,00,000 then his spouse (or nominee) can withdraw all the amount at once without any mandatory.
For others-Nominee will be allowed to withdraw 100% accumulated corpus. However, the nominee has a choice to buy an annuity too.
The lump-sum withdrawal by the nominee will be exempt from Income Tax. If the nominee opted for buying an annuity, then annuity income will be taxed as per nominee’s income tax slab in the year of receipt.
The post NPS Tax Benefits 2020 – Sec.80CCD(1), 80CCD(2) and 80CCD(1B) appeared first on BasuNivesh.
NPS Tax Benefits 2020 – Sec.80CCD(1), 80CCD(2) and 80CCD(1B) published first on https://mbploans.tumblr.com/
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