We are sharing with you some insights on good practices related to tax deductions for non-salary related payments:
- Based on the type of payment, make sure the Section is properly determined
- For each Section, be aware of the threshold limit applicable for exemption of deductions
- Check out the percentage of tax to be deducted
- This percentage may vary for individuals and non-individuals – check it out
- Percentage may not be the same for all months in a financial year – be careful
- Make sure deductions are done on time – delayed deductions also attract interest
Click Here to view the latest TDS / TCS Chart with associated information.
Hope you have found this useful.