FAQs on Tax Deducted at Source (TDS)

What is tax deducted at source? ​​For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called as Tax Deducted at Source, commonly known as TDS. Under this system tax is deducted at the origin of the…

All About TDS Saving Forms 15G & 15H

Form 15G and Form 15H are self declaration forms required to be furnished by the Assessee to his banker to avoid the tax deducted at source (TDS) on his/her investments. As per Section 194A of the Income Tax Act, 1961, all banks and financial institutions have been mandatorily instructed to deduct TDS on all interest…

HOW NRIs CAN AVOID TDS??

Mr. Bansal is a Non Resident Indian (NRI) living in the US for the past 7 years. His only income from India is the interest that he receives on his Non Resident Ordinary (NRO) Account and Non Resident External (NRE) account. While interest from NRE account is tax free, the bank deducts tax at the…