After the Budget 2023, what are the latest TDS Rates Chart for FY 2023-24 (AY 2024-25) applicable? Are there any rate changes from the last Financial Year to the current Financial Year based on Budget 2023?
When we receive income through different ways like Salary, Dividend income from mutual funds or stocks, commission, rent, interest on Bank Fixed Deposits / Securities, etc., the providers of this income like the Bank or your employer deduct the tax before transferring such income.
TDS or tax deducted at source is a process of collecting Income Tax at the source. It is a process of deducting the tax from the original source of income.
TDS is calculated and levied on the basis of a certain threshold limit, which is the maximum level of income after which TDS will be deducted from your future income/payments. It is deducted as per the Indian Income Tax Act, 1961.
As I told earlier, apart from salary income and Bank FD earnings, there are many ways TDS is…