TAXATION INCOME TAX & TDS & DEFERRED TAX
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Free sample — 8 of 66 rapid-fire Q&A cards.
What is the basic exemption limit for income tax for an individual below 60 years for AY 2024-25?
The basic exemption limit is Rs. 2,50,000 for individuals below 60 years under the old tax regime.
What is the new tax regime default for individuals filing returns from AY 2024-25 onwards?
New tax regime is the default regime from AY 2024-25.
Under which section of the Income Tax Act is TDS on interest income from banks deducted?
TDS on interest income from banks (other than savings accounts) is deducted under Section 194A of the Income Tax Act, 1961.
What is the basic exemption limit under the new tax regime for individuals?
Rs. 3 lakh is the basic exemption limit under new regime.
What is the TDS rate applicable on interest paid by a bank to a resident individual under Section 194A?
The TDS rate under Section 194A is 10% if the PAN is furnished; if PAN is not provided, TDS is deducted at 20%.
Under which section is TDS deducted on rent payments exceeding the prescribed threshold?
TDS on rent is deducted under Section 194I.
What is the threshold limit for TDS deduction on interest income from a bank branch under Section 194A?
TDS is deducted when interest from a bank (including all branches) exceeds Rs. 40,000 per year (Rs. 50,000 for senior citizens).
What is the TDS rate on professional or technical services under Section 194J?
TDS rate under Section 194J is 10% for professional services.
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