Understanding TSD Calculation: Monthly, Quarterly, or Yearly – What's the Best Practice?

Hi all,

Can anybody help me to know, "how the TSD calculation could be done? It could be on a monthly basis, quarterly basis, and yearly basis. And which is the best practice to use?"

Hi Richuka,

Please refer to this site GreytipOnlineWiki: Income Tax FAQs. This contains information on how income tax is computed, common terms used, and the reports that are required. Hope it helps.

Regards,
Girish

Hi Richuka,

Attached herewith is the same for your reference.

Thanks & regards,
Bala Panmand

TDS is deducted at the time of payment or at the time of crediting the amount, whichever is earlier. The rates of deduction are given in the Income Tax Act. The amount so deducted has to be deposited within the stipulated time in the bank. TDS returns are filed quarterly, providing details of all TDS deposited during the period.

Form 26Q is used for non-salary payments, while Form 24Q is used for salary payments.

TDS is Tax Deducted at Source. The Income Tax Act stipulates the deduction of tax at the source at the time of making payments to vendors, including employees. The act also specifies the rates at which the deductions are to be made. The main points of the legal provisions have been compiled by me in an Excel sheet, which is enclosed. However, the other two enclosures already contributed by two friends are also useful. I would like to add that the legal provisions in the Income Tax Act should be consulted to understand the nitty-gritty. Please review the Worksheet named 2009-10.

Can anybody tell me about the legal terms used in real estate organizations? I am an HR professional in a real estate organization. I have to face an interview in the same industry, but it will be HR and personnel-based on legal matters, and the interviewer will be a senior legal officer.