Periodic Table of Tax Deducted at Source (TDS)

  • Blog|Income Tax|International Tax|
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  • 2 Min Read
  • By Taxmann
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  • Last Updated on 27 April, 2022

1. Concept of TDS

For a quick and efficient collection of taxes, a system of deduction of tax at the point of generation of income is incorporated under the Income-tax Act. This system is called ‘Tax Deducted at Source’, commonly known as TDS. TDS is introduced to ensure a regular flow of revenue to the Government.

Under this system, the payer of income is required to deduct tax from certain payments at the prescribed rates and deposit it to the credit of the Central Government within the prescribed time.

The TDS provisions apply to several payments like salary, interest, commission, brokerage, professional fees, royalty, etc. 

2. The Periodic Table of TDS

Periodic Table of TDS
Amended by the Finance Act 2022

The periodic table of TDS is amended by the Finance Act 2022 & covers the following details:

a. Section Number

Every provision relating to TDS is covered under the periodic table, highlighting the relevant section of the Income-tax Act.

b. Nature of Payment

Through this periodic table, one can quickly identify the nature of payment in respect of which tax is required to be deducted under a particular section. For example, tax is required to be deducted under section 192 in respect of salary.

c. TDS rate

The table highlights the rate at which tax is required to be deducted under the relevant section.

d. Deductee

Deductee means a person from whose income or receipt the tax is deductible at the source. The deductee can be resident or non-resident in India. This table can be helpful to know the applicability of relevant provisions in the case of a deductee.

e. Event or Time of deduction of tax

Event or Time of deduction of tax means when the tax should be deducted under the relevant section. i.e., whether at the time of payment or at the time of credit of sum to the account of deductee or earlier of the two.

3. How can the Periodic Table of TDS help you?

By using the periodic table of TDS, a person can easily identify which section is applicable to the transaction made or to be made by him and the rate at which tax is required to be deducted. Further, all sections under this table are given and highlighted in different coloured boxes to easily identify the applicability thereof in case of deductee and the time of deduction of tax at source under the said section.

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

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