Dear Friends, You know very well about the Tally software. At present time Tally is one only most popular accounting cum inventory software that handles the day to day all routine operations of any business unit very effectively. It is widely accepted by the different accounts for its user friendly nature. With the help of TDS and TDS rate chart you will be able to take decision how much tds amount is deducted on the party account.
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TDS and TDS rate chart
Tally provides different accounting and inventory features that allow any user to maintain his company accounts effectively. Today we talk about the TDS and TDS Rates Char of AY 2014-15 (FY 2013-14). TDS (Tax Deducted At Source) rates Chart for FY 2013-14 and AY (Assessment Year) 2014-15 as per Finance Budget 2013, in case recipient is resident. After reading this article you will be able what is the TDS and how much TDS is deducted on deductee account as per given TDS Rate Chart of FY 2013-14.
Definition of TDS:
TDS Stands for “Tax Deducted At Source”. It is one of the mode collect tax from Income Tax Department. Income of a previous year is assessed in the assessment year. Due to this rule the tax collection may be delayed till the completion of the previous year. This may also give people a chance to conceal their income resulting non collection of tax and ultimately loss of revenue to the Government. Deduction of tax at source is a remedial measure against such problem. Tax is deducted from the income of the assessee before being received by him. The amount of tax which is deducted is called TDS. It easures that the income tax is recovered from the assessee in the previous year itself.
TDS Rate Chart of FY 2013-14
In case deductee has not furnished PAN to deductor, TDS will be deducted at @20 % or rate given in above table whichever is higher.
IF deductee is located in notified jurisdictional area, tax is deductible at the rate given in above table or 30 % whichever is higher as per section 94(5).
How to use above TDS rates Chart for FY 2013-14:
Above table is very user-friendly and provide better navigation. You can search TDS section/Description in search box e.g. type “194C”, you will get TDS detail U/S 194C i.e. TDS relate to payment to contractor. You can decide to show 10, 25,50 or 100 rows at a time. You can take print out or take PDF version by selecting 100 rows (for all entries) and clicking on respective option which is available at the end of post. You can sort table.
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