TDS Codes
In the Indian context of Tax Deducted at Source (TDS), TDS code denote distinct identification codes assigned to various payment categories for the purpose of reporting.
These codes are use while filing TDS returns to indicate the nature of the payment on which TDS has been deducted.
The TDS code are specify by the Income Tax Department and are listed in the relevant forms and guidelines.
Here are some common TDS code used in India:
Salary: TDS code 192
Interest on securities: TDS code 193
Interest on bank deposits: TDS code 194A
Rent: TDS code 194I
Professional fees: TDS code 194J
Commission or brokerage: TDS code 194H
Contract payment: TDS code 194C
Non-resident payments: TDS code 195
Winnings from lottery, puzzle, etc.: TDS code 194B
Insurance commission: TDS code 194D
These are just a few examples, and there are numerous TDS codes covering various types of payments and deductions. The specific TDS code to be use depends on the nature of the payment and the applicable TDS provision.
While filing TDS returns, it is essential to correctly select the appropriate TDS code to ensure accurate reporting and compliance with the tax regulations. It is recommend to refer to the official TDS return forms (such as Form 24Q, Form 26Q, etc.) and guidelines provide by the tax authorities to identify the correct TDS codes for different payment categories.
To visit: https://www.incometax.gov.in
