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TDS Rate Chart 2024-25 & 2025-26 | Updated Tax Ded
TDS Rate Chart 2024-25 & 2025-26 | Updated Tax Ded
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Guest
Guest
Feb 15, 2025
2:03 AM
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Tax Deducted at Source (TDS) is a very important compliance system under the Income Tax Act of 1961, designed to facilitate tax collection directly from the source of income. Taxpayers, businesses, and professionals need to be aware of the relevant TDS rates to avoid penalties and engage in effective tax planning. This article, "TDS Rate Chart 2024-25 & 2025-26 | Updated Tax Deducted at Source Slabs & Limits," offers a detailed overview of the current TDS rates for various payments, such as salaries, interest, rent, professional fees, and other income types. Keep yourself informed about the latest updates in TDS regulations to ensure smooth tax compliance in the upcoming financial years.
What is The Tax Deducted at Source (TDS)
The Tax Deducted at Source (TDS) system was introduced with the objective of ensuring tax collection at the very origin of income generation. This mechanism serves as a method of tax enforcement by mandating that a certain percentage of tax be deducted by the payer at the time of making specific payments. Under this concept, any individual or entity (known as the deductor) responsible for disbursing payments of a specified category—such as salaries, interest, professional fees, rent, commission, or contractual payments—must deduct tax before transferring the payment to the recipient (referred to as the deductee).
Once the tax is deducted, the deductor is obligated to deposit the deducted amount into the Central Government’s account within the prescribed timeline. This ensures a steady flow of revenue to the government while reducing the chances of tax evasion. The individual or entity whose income has been subjected to TDS can claim a credit for the tax deducted. This is facilitated through Form 26AS, which is a consolidated tax statement reflecting the TDS details, or through the TDS certificate (Form 16 or 16A) provided by the deductor. The deductee can adjust the deducted amount against their total tax liability while filing their income tax return, ensuring that they are not taxed twice on the same income.
Important TDS Updates from Budget 2025
Budget 2025 brings important changes in TDS rates for specific payments to enhance business operations and improve taxpayer compliance. These revised TDS rates will take effect from April 1, 2025. The table below outlines the affected payments, the corresponding TDS rate changes, and the new applicable rates.
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Knowledgetics
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Feb 15, 2025
2:27 AM
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