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We have discussed in our previous articles about how to save income tax.
We have also stated that you must compute your taxable liability at the end of the financial year i.e. 31 March of the year to know your exact tax liability and pay the same to avoid any interest on delay in payment of taxes.
Many of us are not used to paying taxes as all the income that we received is already reduced by the tax. We receive post-tax income (also known as cash in hand).
TDS (Tax deducted at source) is the tax which is deducted by the income provider before paying you the income. For example- employers deduct taxes on the salary income, banks deduct taxes on the interest income etc.
Every budget, where the tax rates are updated, the TDS rates and applicability is also updated.
Apart from bank interest and salaries, there are many other ways your income can be taxed at source. We have listed the same below: