how to deduct tds on income from other sources with examples
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Answer / Avanish Kumar
TDS (Tax Deduction at Source) is applicable for income from various sources such as rent, interest, fees, commission, etc. To deduct TDS, you should follow these steps:n
1. Determine the rate of TDS applicable based on the type of income and the recipient's tax status.
2. Calculate the amount of TDS by multiplying the taxable amount with the applicable TDS rate.
3. Deduct the TDS amount from the total payment made to the recipient.
4. Deposit the TDS amount with the government within the specified timeframe.nnFor example, if you receive rent of INR 25,000 per month from a tenant, and the applicable TDS rate is 10%, you should calculate TDS as follows: 25,000 * 10% = INR 2,500. Deduct this amount from the rent paid to your tenant, and deposit the TDS with the government within the specified timeframe.
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