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TDS Mod D Questions
What does TDS stand for and what is its fundamental purpose?
TDS stands for Tax Deducted at Source; it is a mechanism under the Income Tax Act where tax is collected at the point of income generation, ensuring advance tax collection and reducing tax evasion.
What is the threshold limit for TDS deduction on professional fees under Section 194J?
TDS applies when professional fees exceed Rs 30,000 per annum.
Under which section of the Income Tax Act is TDS on salary governed?
TDS on salary is governed under Section 192 of the Income Tax Act, 1961, where the employer is responsible for deducting tax based on the estimated income of the employee at applicable slab rates.
Under Section 194A, what is the enhanced TDS threshold for senior citizens on bank interest?
Senior citizens are exempt up to Rs 50,000 in bank interest per year.
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