TAXATION,TDS,TCS
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Accounting and Financial Management for Bankers — JAIIB.
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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.
What is TCS and how does it differ from TDS?
TCS stands for Tax Collected at Source; it is tax collected by the seller from the buyer at the time of sale of specified goods. Unlike TDS where the payer deducts tax before paying the recipient, in TCS the seller collects tax from the buyer over and above the sale price.
Under which section is TDS applicable on winnings from lottery or crossword puzzles?
Section 194B of the Income Tax Act.
Which section of the Income Tax Act deals with TDS on salaries?
Section 192 of the Income Tax Act, 1961 deals with TDS on salaries. Every employer responsible for paying salary to an employee is required to deduct income tax at the time of payment based on the applicable slab rates.
What is the TDS rate on winnings from lottery exceeding Rs. 10,000?
30% flat rate on lottery winnings above threshold.
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