Securing Hannav Ledger...
Securing Hannav Ledger...
Glossary
Tax Deducted at Source is tax collected at the point of payment by the payer and remitted to the government on behalf of the recipient.
TDS is tax cut from your payment upfront — on salary, FD interest, rent — and credited against your final tax bill.
Sections 192 (salary), 194A (interest), 194C (contract), 194J (professional fees) specify rates and thresholds. Form 26AS and AIS reconcile TDS credits. Short deduction attracts interest; excess TDS claimed as refund in ITR.
Bank deducts 10% TDS on ₹60,000 FD interest (₹6,000). If your slab is 20%, pay additional ₹6,000 in ITR; if 5% slab, claim ₹3,000 refund.
Submit Form 15G/15H if estimated total income below taxable limit. Otherwise claim adjustment in ITR if TDS exceeds actual liability.
No. TDS is advance tax collection. Final liability computed in ITR with possible refund or additional payment.
Form 26AS on TRACES portal and Annual Information Statement (AIS) on income tax e-filing portal show TDS entries.