TDS Calculator AY 2024-25 FY 2023-24

>TDS Calculator AY 2024-25: This TDS calculator is applicable to payments and credits made from  01-04-2023 to 31-03-2024. The TDS (Tax Deducted at Source) calculator helps you calculate TDS on payments to deductees. It is the deducter/payer’s duty to deduct TDS when paying or crediting the deductee. In other words, the payer or deductor will deduct TDS in accordance with the prescribed rate of TDS by the government. Taking into account all the amendments in Finance Bill 2023, we have created this TDS calculator. Before using the TDS calculator for AY 2024-25, please review the important notes.

How to use the TDS calculator AY 2024-25

Here is a step-by-step method to use the TDS calculator for Assessment Year (A.Y.) 2024-25.

Step 1: The first step is to determine whether the deductee is a resident or a non-resident.

Step 2: After that, choose the type of deductee, which can be Individual/HUF or other than Individual/HUF (Company/Firm).

Step 3: The third step involves finding out whether the PAN of the deductee is available. When PAN is not available, the deductor is required to deduct tax at source at either the rate shown in the table or 20%, whichever is higher, under section 206AA.

Step 4: Next, you need to check whether the payee is filing his or her income tax returns regularly. If not, you need to deduct the TDS double of the prescribed rate according to the provisions. (In the case of non-filers of income tax returns, the tax is deductible (by virtue of section 206AB) under any provision (other than sections 192, 192A, 194B, 194LBC, 194M or 194N), at twice the rate set out in the table or at the rate of 5%, whichever is higher.)

Step 5: The next step is to select the section or payment type that determines the rate of TDS.

Step 6:  You will need to enter the amount of the payment or credit.

Step 8: TDS calculator (2024-25) will display the TDS amount after collecting all the information from you. Verify all the details you entered, such as Resident/Non Resident, Deductee type, amount, and the nature of payment.

Important Notes for TDS Calculator AY 2024-25

When the deductee PAN is not available: The TDS (Tax deducted at source) rate would be higher if the PAN (Permanent Account Number) of the deductee is not available.

If the PAN of the deductee is not available, then the TDS rate will be either the prescribed rate or 20%, whichever is higher.

Examples: 

• In the case of a 10% interest payment, and the deductor does not have the deductee’s PAN, the deductor will deduct 20% TDS.
• The deductor will deduct TDS at 30% on winning lottery, not 20%, if the deductee does not have a PAN (if the PAN of the deductee is not informed to the deductor, tax will be deducted at source by virtue of section 206AA at the rate given in the table or at 20%, whichever is higher, if the PAN of the deductee is not available).

TDS on payment can be calculated using the above TDS calculator when the PAN of the deductee is not available.

Check TDS Rates AY 2024-25 (Easy Table and Search TDS rates Fast)

Non Filers of Income Tax Return: In the case of non-filers of the income tax return tax is deductible at twice the rate prescribed or at the rate of 5%, whichever is higher.

• The person who has not filed the income tax return (ITR) for the preceding financial year and the deadline for filing the income tax return (non-belated return) has expired and the total amount of TDS for the last financial year is Rs. 50,000 or more.
• Payments 192, 192A, 194BB, 194BBA, 194-IA, 194-IB, 194LBC, 194M, 194N are excluded from this section.
• You can calculate TDS under section 206AB for non-filers of IT returns by using our TDS Calculator AY 2024-25.