please explain

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hello friends can anyone pls explain me in detail about what is TDS n what are the forms like Form 16 n form 24Q n all.i don't know anything about these.Pls help me.

Replies (1)

Hi SNEHA! TDS is nothing but income tax which is deduted in advance as soon as your income from a source exceeds the specified limit. It is deducted by the person who is liable to you for such income. for instance take the case of rent, the limit for deduction of tds is rs.120000 in this case, in case your rental income is expected to be more than this limit in a particular year your tds need to be deducted and the person to whom you have lent your property will be deducting the tax and shall pay you the balance amount. The tax amount deducted by him is to be deposited to govt. by him only n the payee in this case (you) is not liable to deposit that tax. after this when you compute your taxable income at the end of year for filin income tax return you are allowed to deduct that tds amount from your total tax liability and deposit the balance amount of your self assessment tax.

n the forms you asked are nothing but specified forms for filing tds details. for e.g form 16a is to issue tds certificate which the deductor(landlord) need to give it to you specifying the amount of income (rent), tax deducted, date of tax deposited to govt. etc.

and form 24q is used for filing quaterly detail of tds deducted on salary while 26Q is used for tds deducted on non-salary income.

from this assessment year this forms shall be used for filing annual return and the quaterly statements shall be issued in form 24c

 

hope you will find the info. useful! take care!


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