What does nil mean?
What does nil mean?
Use the word nil to mean “zero,” especially when you’re talking about scores in a sporting event: “the final score was twelve-nil.” Nil is a contraction of the Latin word for “nothing,” nihil.
What does nil stand for in text?
Next in Line
What is the difference between nil and Nill?
Nil. To be unwilling; will not (+ infinitive).
How do you write an nil response?
a) Please register a nil return; b) Please note a nil return; c) Please have a nil return from me; d) I would like to send you a nil return.
What is a nil declaration?
Ans: A NIL Declaration is basically a declaration for non-filing of TDS Statements for those deductors who were not liable to deduct any tax during the relevant quarter or have not deducted tax during any quarter and subsequently did not file a TDS Statement U/s 200(3) of the Income Tax Act’1961 for any quarter.
Is it mandatory to file nil income tax return?
Can I go without filing a nil return? Filing income tax returns is mandatory for those whose total income is more than Rs. 2,50,000. We recommend that you file your income tax return, even though it is not mandatory if total income isn’t over Rs.
Who is eligible for TDS?
But no TDS has to deducted if the person making the payment is an individual or HUF whose books are not required to be audited. However, in case of rent payments made by individuals and HUF exceeding Rs 50,000 per month, are required to deduct TDS @ 5% even if the individual or HUF is not liable for a tax audit.
What is TDS full name?
Income Tax Department > Tax Deducted at Source (TDS)
How is TDS calculated?
Compute the available exemptions under Section 10 of the Income Tax Act (ITA) Subtract exemptions found in step (2) from the gross monthly income calculated in step (1) Multiply the number obtained from the above calculation by 12, as TDS is calculated on yearly income. This is your taxable income from salary.
Can I get TDS refund?
Tax Deducted at Source (TDS) is the sum that is deducted from a taxpayer’s income like salary, interest from bank accounts, rent etc. If the TDS collected is more than what you owe to the government, you can get a TDS Refund.
What is the limit of salary for TDS?
TDS Rate Chart
| Annual Income | Tax Rates |
|---|---|
| Up to Rs.2,50,000 | Nil |
| Rs.2,50,001-Rs.5,00,000 | 5% |
| Rs.5,00,001-Rs./td> | Rs.12,500 + 20% of income above Rs 5 lakhs |
| Above Rs./td> | Rs.1,12,500 + 30% of income above Rs 10 lakhs |
What is TDS rate?
3. TDS rates applicable for resident of India
| TDS Rate (%) | TDS Rates from to /th> | TDS Rates from to /th> |
|---|---|---|
| (a) 2 (b) 10 | 2 10 | 1.5 7.5 |
| 1 5 (w.e.f from (If payment of Rent exceeds Rs. 50,000/- per month. ) 10 | 1 5 10 | 0.75 3.75 7.5 |
| 10 2 | 10 2 | 7.5 1.5 |
| 10 | 10 | 7.5 |
How many types of TDS is there?
two types
What is TDS code?
Tax Deducted at Source, also known as TDS, is a system of taxation where the person/entity responsible for making specific payments deducts the applicable tax before the payment is credited to the receiver. TDS on different payments and their applicable rates are notified by the Income Tax Act, 1961.
What is new TDS rate?
Synopsis
| Nature of payment | Section of the Income-tax Act | TDS rate effective from April 1, 2021 |
|---|---|---|
| Commission or brokerage received except for Insurance Commission | Section 194H | 5% |
| Payment made while purchasing land or property | Section 194IA | 1% |
| Payment of rent by individual or HUF exceeding Rs. 50,000 per month | Section 194IB | 5% |
What is TDS return filing?
Tax deducted at source (TDS) is the practice of reducing tax evasion and spillage by making it mandatory to deduct TDS from payments at pre-defined rates. This is considered as part of tax paid and in case excess TDS has been deducted then one can file returns and claim the refund from the Income Tax Department.
What is the limit for 194J?
As per Section 194J, each item or independent payment has a threshold maximum limit of INR 30,000. TDS under this section also applies for the fees or remuneration paid to the company’s director even if the payment is not part of the main salary. In such cases, the INR 30,000 limit does not apply here.
What is TDS rate on rent?
Tax (TDS) Deduction Rates Rent for plant/ equipment/ machinery- 2% TDS on the rent amount paid. Rent for land/ building/ furniture/ fittings- 10% TDS on the rent amount paid. Individual/ HUF not liable to tax audit – 5% TDS on the rent paid in cases where more than `50,000 is paid per month as rent.
Who is liable to pay TDS on rent?
The person (not being an Individual or HUF) who is responsible for paying any income to a resident by way of rent is liable to deduct tax at source. As per Budget 2017, individual /HUF (not covered under tax audit) paying rent to a resident exceeding Rs. 50,000 per month are also liable to deduct TDS @ 5%.
What is the limit of house rent for TDS?
As per the 194-I section of Income Tax Act, 1961, a person (not being an Individual or HUF) who is responsible for paying of rent is liable to deduct 10% of the annual rent as tax deducted at source, if the annual rent exceeds Rs. 2.4 lakhs. Earlier, this TDS limit for deduction of tax on the rent was Rs. 1.8 lakhs.
How much rent can be paid in cash?
You can pay deposit and rent in cash provided rent payment does not exceed 20000/- if you are using premises for business purpose and claiming expenses. If you use premise for residential purpose then no such limit for rent paid. 30 June 2016 Landlord is receiving deposit thus he may be liable.
How can I pay TDS for rent?
Payment through e-tax payment option immediately
- Log on to NSDL e-Gov-TIN website (www.tin-nsdl.com).
- Click on the option “Online form for furnishing TDS on Rent (Form 26QC)”.
- Select Form 26QC (Payment of TDS on Rent of Property)
Is TDS applicable on hotel stay?
Answer : Payments made by persons, other individuals and HUFs for hotel accommodation taken on regular basis will be in the nature of rent subject to TDS under section 194-I. Answer : Under section 194-I, the tax is deductible from payment by way of rent, if such payment of the payee during the year is likely to be Rs.
Is TDS applicable on photography?
to their models, artists, photographers, etc., the tax shall be deducted at the rate of 5 per cent as applicable to fees for professional and technical services under section 194J of the Act.
Do Internet charges attract TDS?
TDS on internet charges and leaseline charges payment for use of internet connection and these are not falling within the provisions of Section 194-I,194-C and 194-J of the Act.
Is TDS applicable on Travelling expenses?
No, TDS is not deducted on traveling expenses. Since Service tax is not an income for the service provider, TDS is to be deducted at the total amount excluding the service tax, in case service tax is separately indicated in the invoice.