1. What is TDS Calculator?
TDS calculator is a simple utility software that lets you know the amount of TDS that needs to be deducted. This calculator helps users to clear their confusion about the basic rules of TDS. Moreover, Users can get the details of the right calculation and deduction TDs amount. We have seen that often people get perplexed about their TDS deduction and are having doubts but you don't need to worry now. We have introduced the Myitronline TDS calculator with a simple, clean, and easy interface. You Can calculate your TDS in seconds with the help of the Myitronline TDs calculator from anywhere.
2. How does the TDS calculator work?
TDS calculator guides you about the amount which is subjected to be deducted from your specific transactions. On the basis of the nature of the transaction and recipient, the TDS amount is calculated on certain basic details. There are several steps to calculate the TDS amount which are given below-
Firstly, You need to choose the type of recipient. If it is an individual, HUF or sole proprietor, or any other company. You need to select one of these and fill out the selected option.
In the next bar, You have to select the option between yes or no. Choose an option yes only in case, If you already have the PAN of the person whose TDS is to be deducted.
Fill out the amount to payment of the recipient and select the last nature of transactions. That’s all you have to do and now your required amount of TDS to be deducted is available to you.
3. What are the benefits of a TDS calculator?
TDS calculator gives its users an accurate insight to calculate the liable TDS amount to be deducted. It makes them aware of the basic rules and principles, applied to specific transactions.
Users of the TDS calculator can probe if the TDS deduction done is accurate or not. TDS calculator works with one click and it saves your precious time, and energy and makes the whole process easy and reliable.
Frequently Asked Questions
When to deposit the TDS amount?
TDS can be deposited every 7th of each month for the payment which is made in the previous month. However, the TDS deducted in the month of March can be deposited till 30th April.
Can TDS be deposited before payment?
Yes. It can be deposited within 30 days of the ending month in which it was deducted.
Can I pay TDS after the due date?
Yes. TDS can be paid after the due date but with a penalty of section 234E.
How to calculate TDS?
Choose the recipient among individuals, HUF or sole proprietor, or any other company. If you already have the PAN of the person whose TDS is to be deducted, select the option yes. Fill out the amount to payment of the recipient and select the last nature of transactions. That’s all you have to do and now your required amount of TDS to be deducted is available to you.
Can I claim a TDS refund?
Yes. You can claim a TDS refund by the declaration on your IT return form. The income tax department will calculate the refund and credit the amount in your bank account.
Can we claim TDS on the purchase of property?
Yes. You can claim TDS on property.
Is TDS paid monthly?
Yes. TDS is deducted every month.
Can TDS be paid offline?
Yes. If you fail to pay TDS online then you can pay it in offline modes by visiting the bank.
Can we avoid TDS?
Yes. You have to submit form 15G or 15H to the bank declaring that your income is below the exempted limit.
What is form 16?
This is a kind of certificate given by the government under section 203 of the Income Tax act. This certificate is named Form 16.
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