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 procedure to follow while using the TDS calculator for Assessment Year (A.Y.) 2024-25.

Step 1: First check whether the deductee is resident or non-resident.

Step 2: Then, choose deductee type which may be Individual/HUF or other than Individual/HUF (Company/Firm).

Step 3: Next verify if PAN of the deductee is available. In case PAN is not available then the deductor has to deduct tax at source as per the rates in force given in above table or @20% whichever is higher under section 206AA.

Step 4: Now also ensure that payee files his income tax returns regularly or not. If no then double TDS of prescribed rate should be deducted as per provisions. (In case of non-filers of income tax returns, tax is deductible under any provision other than sections 192, 192A, 194B, 194LBC, 194M or 194N at twice the rate specified in above table or @5%, whichever is higher.)

Step 5: Next you have to select section/payment type which determines rate of TDS.

Step 6: Amount of payment/credit needs to be entered.

Step7: The rest will be done by TDS calculator (2024-25) after taking all details from you it will show the calculated amount of tds. Check your entries like Resident/Non Resident, Deductee type , amount and nature of payment etc before proceeding further and making any calculations based on such data.

Important Notes for TDS Calculator AY 2024-25

When the deductee’s PAN is not available: If the PAN of the person whose tax is being deducted at source (TDS) is not available, then rate of such TDS shall be higher.

If a deductee does not have a PAN, then TDS will be deducted at prescribed rates or 20 per cent, whichever is higher.

Examples:

For instance, if there is a payment of interest income at 10% and deductor doesn’t have Deductee’s PAN, he will deduct 20% as TDS.

In case deductee has no PAN (i.e. when PAN of the deductee has not been informed to the deductor), tax will be deducted at source on winning from lottery at 30% instead of 20% (TDS shall be made under section 206AA at rate specified in table or twenty percent whichever is more applicable provided that PAN is not given by payee).

Above said TDS calculator can be used for computing TDS on payment when Deductee’s PAN is unavailable.

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

Non-Submissioners of Income Tax Return: If you don’t file your income tax return. In this case, the tax is three times higher than the standard rate or 5%– whichever is more.

This refers to anyone who, for the previous year has not filed their Income Tax Returns (ITR) on time – i.e. before the end of the financial year and where such persons TDS deducted exceeds Rs.50000 during any one of two immediately preceding years.

Exemptions under section 192, 192A, 194BB, 194BBA, 194-IA, 194-IB, 194LBC, 194M and 194N are not applicable here.

You can determine TDS for non-filers by using our TDS Calculator AY 2024-25 in accordance with section 206AB.