Who Is Liable to Deduct and Pay TDS Under Income Tax Act?


Who Is Liable to Deduct and Pay TDS Under Income Tax Act?

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The income tax department specifies a list of payments on which TDS is to be deducted. These payments include commission or brokerage, fees for technical services, work, rent and payment of royalty. Failure to deduct and pay TDS attracts interest and penalty. TDS certificates are also required to be filed. These can be viewed on the official website of the income tax department.

In case of individuals, TDS can be claimed while filing the individual tax return. It is important to remember that TDS is only a part of the potential tax liability. It is always better to deposit the correct amount of tax at the time of receipt so that there is no risk of non-payment and overpayment of taxes.

Another important point to remember is that TDS is only deducted when the value of the transaction crosses the threshold level. Different threshold levels are specified by the income tax department for different payments such as salary, interest received etc.

However, if you receive rent in the form or rent of furniture, the service charges associated with it are not included in the rent and thus, TDS is not deducted. It is important to note that if you receive any payment or credit in the form of cash or through any other mode than the one mentioned above, you are required to file your return and claim TDS on it.

 

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