TAXATION, TDS, DEFERRED TAX, INCOME TAX
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Accounting and Financial Management for Bankers — JAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
What is the basic exemption limit for individual income tax in India for FY 2024-25 under the old tax regime?
The basic exemption limit is Rs. 2,50,000 for individuals below 60 years under the old tax regime.
What is the surcharge applicable on income tax for individuals with total income exceeding Rs. 50 lakhs but up to Rs. 1 crore?
Surcharge of 10% on income tax is applicable.
What does TDS stand for and what is its primary purpose?
TDS stands for Tax Deducted at Source; its primary purpose is to collect tax at the point of income generation to ensure a steady revenue flow to the government and reduce tax evasion.
What is the health and education cess levied on income tax and surcharge in India?
Health and education cess is levied at 4%.
Under which section of the Income Tax Act is TDS on salaries governed?
TDS on salaries is governed under Section 192 of the Income Tax Act, 1961, requiring employers to deduct tax at the average rate of income tax on estimated salary income.
Under which Section of Income Tax Act is TDS on commission or brokerage governed?
Section 194H governs TDS on commission or brokerage.
What is the TDS threshold limit for interest on bank fixed deposits under Section 194A?
TDS is deducted under Section 194A if interest paid by a bank on FDs exceeds Rs. 40,000 per year (Rs. 50,000 for senior citizens) in a financial year.
What is the TDS threshold for commission payments under Section 194H?
TDS is deducted when commission exceeds Rs. 15,000.
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