📝 One-liners · 65 cards
TAXATION,TDS,TCS
What is the full form of TDS in the context of Indian taxation?
TDS stands for Tax Deducted at Source. It is a mechanism under the Income Tax Act, 1961, where tax is deducted at the point of payment of income by the payer before remitting the balance to the payee.
What is the threshold limit for TDS deduction on interest income from banks under Section 194A for senior citizens?
Rs. 50,000 per financial year for senior citizens.
Under which Act are TDS and TCS provisions governed in India?
TDS and TCS provisions are governed under the Income Tax Act, 1961. The relevant sections for TDS range from Section 192 to Section 206AA, while TCS is covered under Section 206C.
What is the TDS rate under Section 194J for fees for technical services after 2020 amendment?
2% for technical services, 10% for professional fees.
🔒
Unlock 65 revision one-liners
Interactive flashcard deck — flip every card to drill questions and answers, mark the ones you got wrong, and revise smarter for TAXATION,TDS,TCS.
🪙
Unlock cost
300 coins
30-day access · re-unlocks free for 30 days