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What is the best deduction of TDS on salary?

  • GST - Tax - TDS - MCA
May 7, 2022May 7, 2022 Ravi Kumar

Hi Guys,

This is Ravi Verma, In this article, I will tell you about the best deduction of TDS on salary.

Let’s begin,

What is TDS?

The Government of India introduced this section in 1961 and it is a direct tax. After getting into this tax, a salaried person will pay his taxes monthly mode with the help of the TDS payment form and its full form is tax deducted at source.

A man or woman can earn income from numerous resources. earnings tax is an instantaneous tax that they need to pay, depending on which tax bracket their total income falls in. according to the Indian tax gadget, Tax Deducted at Source (TDS) is an important time period in taxation that has a huge bearing at the taxpayers. it’s miles a means of amassing profits tax by means of the government and offers convenience to the deductee as its miles deducted robotically.

TDS is a direct taxation mechanism that was delivered to accumulate taxes from the source of earnings itself or at the time of income payout. TDS full form is Tax Deducted at supply. underneath this mechanism, if a person (deductor) is prone to make a fee to every other individual (deductee) will deduct tax at source and switch the balance to the deductee. The TDS amount deducted will be remitted to the critical authorities. Deductee can check the Tax Deducted at Source (TDS) amount inside the shape 26AS or TDS certificate issued with the aid of the deductor.

Difference between Old and New Tax Regime with Tax Form 16

OLD TAX SLAB RATE

S.noYearly IncomeTax rate
1up to 2,50,000Nil
22,50,001 – 5,00,0005%
35,00,001 – 10,00,00010%
4More Than 10,00,00030%
If any person whose tax is not more than 5 lakh he got a rebate 87A.
Old Tax Slab

Best Deduction

S.noDeductionAmount
1Standard Deduction50000
2Sec 24 Loss from house property
(Rant – property tax – 30% rent – Interest)
200000
3Sec 80c Investments up to 1.5 lakh
(PEF, PPF, Home loan, ElSS, ULIP, Life Insurance Premium, SSY, NSC, FD, Tuition Fee, NPS sec 80ccd(1A)
150000
4Sec 80ccd (1B) Additional 50000 for NPS50000
5Sec 80D Medical Insurance Premium25000
6Sec 80E Interest on Education Loan1,00,000
7Sec 80EE Additional 50000 Interest on home loan50000
8Interest on Saving account up to10000
9Children’s Education Allowance (2 Kids)2400
10Children Hostel Allowance (2 Kids)7200
11HRA 25% of CTC (only the government employee can claim this deduction)4,00,000
Best Deduction of TDS on salary

Thanks,

Tagsallowancebest deductionChildren Hostel Allowance (2 Kids)HRAIndividualInterest on Saving account up tomwaningrebateSalarySec 80cSec 80ccd (1B)Sec 80DSec 80ESec 80EEslab rateStandard DeductionTaxTDS

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