TDS (Tax Deducted at Source) Calculator
TDS (Tax deducted at source) is a basic amount that is deducted when a certain payment - such as salary, rent, commission, interestetc is made. The person or owner that makes the payment deducts TDS – Tax Deducted at Source, while the person that receives a payment as the liability to pay the tax. It lowers the tax evasion as the tax is being collected at the time of making the payment.
To calculate the amount of TDS or the interest on your TDS through the TDS or TDS – Tax Deducted at Source interest calculator. This TDS deduction calculator will help you calculate your deducted TDS.
The TDS ( Tax Deducted at Source ) calculator is a free and online device that helps you to know if you have to deduct your TDS or not, and if you have to, then it will show you the TDS amount which is to be deducted. It helps you to check if you had the correct amount of TDS deducted, or it will provide you with a knowledge into the related TDS – Tax Deducted at Source rules.
How Does the TDS (Tax Deducted at Source) Calculator Help You?
The TDS (Tax Deducted at Source) calculator lets an individual to know how the amount of TDS which is is deducted from their salary. It will help you in better financial planning and also while planning your budget. This calculator does not ask you to log in, all you need to do is - provide the needed information, and the calculator will display the results in seconds.
The TDS (Tax Deducted at Source) calculator works on an algorithm that can provide you results in seconds. It will also reduce the need for lengthy calculation processes. This calculator does not make any errors and is way easier than annual calculations.
How Can I Use the TDS (Tax Deducted at Source) Amount Calculator?
To use the TDS (Tax Deducted at Source) Calculator is very easy. You need to follow the details mentioned below:
- You need to select the type of recipient you are. If you are an individual, a HUF, a sole proprietor, or others.
- You have toenter your payment details.
- The TDS(Tax Deducted at Source) will also depend on the nature of the payment, such as salary, Fix Deposits, and more. You will have to input that data on the calculator.
Finally, the calculator will show you the results in seconds. The results will either be that TDS(Tax Deducted at Source) is deductible or not. In case, the answer is yes, then the calculator will also show how much TDS(Tax Deducted at Source) is deducted.
How to Calculate the TDS (Tax Deducted at Source)?
The calculation of TDS(Tax Deducted at Source) depends on the type of the deduction. The formula of TDS is mentioned below:
Formula:
Rate of Average Income Tax = Income Tax Payable (calculated with slab rates) / approximate income for the financial year.
Advantages of the online TDS(Tax Deducted at Source) Calculator
The advantages of TDS (Tax Deducted at Source) are mentioned here:
- This calculator will assist you to calculate the amount that you are liable to deduct on any transaction.
- It is easy to use and isdefinitely a handy tool to calculate the amount of TDS – Tax Deducted at Source.
- It helps you in checking the TDS – Tax Deducted at Source deduction and if it is correct
- You can easily check your TDS (Tax Deducted at Source)in a few clicks.