TDS for Salaried Individuals

TDS (Tax Deducted at Source) for salaried individuals: Learn the meaning of TDS, deduction process, and TDS on salary. Minimise impact, claim TDS refund, and ensure accurate tax filing.

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Episodes

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E01: TDS 101 What You Should Know
02 mins
TDS stands for Tax Deducted at Source. It is a system introduced by the Income Tax Department of India to collect taxes directly from the income source. TDS means that tax is deducted when you earn income, such as salary, interest, or rent. Employers, banks, and companies deduct TDS and pay it to the government, ensuring a steady revenue flow and reducing tax evasion. You receive a TDS certificate, called Form 16, from your employer, detailing the income earned and TDS deducted. This helps you accurately file your income tax return.
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E02: TDS on Salary Explained What Every Employee Should Know
03 mins
TDS, or Tax Deducted at Source, is deducted from your salary by your employer to fulfil tax obligations. Calculated based on annual income minus exemptions and deductions, TDS ensures smooth tax compliance. Form 16, provided by your employer, details salary and TDS deducted, aiding in income tax return filing. Incorrect TDS calculation could lead to interest payments or refunds. Familiarising yourself with legal deductions like 80C, 80D, and HRA could reduce TDS on salary, optimising tax liabilities. Understanding and leveraging these provisions could minimise net taxable income and TDS.
Frequently Asked Questions
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TDS stands for Tax Deducted at Source. It's a system where tax is deducted from your income at the time of payment.
You can claim TDS refund for the excess TDS by filing an income tax return.
TDS on salary is deducted based on your income slab and applicable exemptions, as per the Income Tax Act.
Utilise tax-saving investments like EPF, PPF, or insurance to lower your taxable income and consequently reduce TDS.
You can check your TDS refund status online and resolve any delays by contacting the Income Tax Department or filing a grievance.
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