In this article, we will discuss about the Tax Deducted at Source (TDS) all sections & amendments in detail. Tax Deducted at Source (TDS)   TDS is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons  making such payments.  Any person making specified payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such specified payments.   Due date for depositing the TDS   TDS must be deposited to the government by 7th of the subsequent month.  For example, TDS deducted in the month of June must be paid to the government by 7th July.   Due date of filing TDS returns   Filing TDS returns is mandatory for all the persons who have deducted TDS. TDS return is to be submitted quarterly. Different forms are prescribed for filing returns depending upon the purpose of the deduction of TDS. Various types of return forms are as follows: Form 26Q – TDS on all payments except salary Form 24Q – TDS on Salary Form 27Q – TDS on all payments made to non‐residents except salaries Due dates – Q1 (April to June) – 31st July, Q2 (July to September) – 31st October, Q3 (October to December) – 31st January & Q4 (January to March)  – 31st May Rates of TDS applicable for Financial Year 2022‐23 or Assessment Year 2023‐24:   Section – 192 – Salaries   Deductor – Any Resident Person Deductee – Any person Threshold Limit – If Total Income of the Employee is upto Basic Exemption Limit, then no TDS Tax Rate – Individual Slab Rate Other Conditions – a) Tax will include Surcharge (if any) & Cess (always) b) Employer shall consider other income & deduction of employee & not consider any loss other than House Property loss if provided by employee. c) Employee can take credit of Tax on Non-monetary perquisite paid by the employer. d) In case of Arrears of salary, TDS is deducted after considering relief under section 89. e) If employee opts for Section 115BAC (New Tax Regime) – He will intimate to the employer & Form 10BA need to be filed before due date of filing of ITR return. Section -192A‐ Premature withdrawal from Employee Provident Fund Deductor – Any Resident Person Deductee – Any person Threshold Limit – Rs 50,000 Tax Rate – 10% Other Conditions – a) TDS only if amount is taxable in the hands of employee – if employee renders < 5 years of service & amount received is more than Rs 50,000 b) If PAN is not furnished, TDS is deducted as Maximum Marginal Rate (MMR) i.e. 30% tax rate + 37% maximum surcharge rate + 4% cess = 42.744%. Section -193‐ Interest on securities   Deductor – Any Resident Payer Deductee – Any Payee Threshold Limit – Rs 2,500 Tax Rate – 10% Other Conditions – No TDS if: a) Interest is payable on CG or SG Securities b) Interest is paid to LIC, GIC or any other insurer c) Interest is payable on DMAT Securities d) Interest is payable on debenture of public company to Individual/HUF (If amount not exceed Rs 5,000 p.a.) Section -194‐ Dividend   other than the dividend as referred to in Section 115‐O (Deemed dividend) – Deductor – Any Resident Payer Deductee – Any Payee Threshold Limit – Rs 5,000 Tax Rate – 10% Other Conditions – No TDS if: a) Dividend is paid to LIC, GIC or any other insurer b) Paid to Individual other than Cash (If amount not exceed Rs 5,000 p.a.)   Section -194A – Interest other than interest on securities   Banks Time deposits, Recurring deposit and Deposit in Co‐op Banks Deductor – Any Resident Payer Deductee – Any Payee Threshold Limit – Rs 40,000 (for individual), Rs 50,000 (for Senior Citizens) & Rs 5000 (for others) Tax Rate – 10% Other Conditions – If bank opting for Core Banking Solution (CBS), then limit will be checked per bank wise not per branch wise. No TDS if: a) Interest on Saving Bank account b) Interest paid by Firms to Partners c) Interest on Income Tax Refund. However, Interest on IT refund of NRI will be liable for TDS deduction at applicable rate. d) Interest is paid to any other bank, LIC, UTI or any other insurer e) Interest is paid by co-operative society to its member or any other co-operative society f) Interest on compensation awarded by Motor Accident Claim Tribunal, if amount not exceeds Rs 50,000 p.a g) If interest is credited by bank to provisioning account on daily/monthly basis for macro monitoring only by use of CBS Software    Section -194B – Winning from Lotteries, Crossword Puzzle, Card games etc   Deductor – Any Person Deductee – Any Person Threshold Limit – Rs 10,000 Tax Rate – 30% Other Conditions – If winning in kind, then the organizer will release winning only after ensuring that TDS on winning is paid to the Govt.  Section -194BB – Winning from Horse Race   Deductor – Any Person Deductee – Any Person Threshold Limit – Rs 10,000 Tax Rate – 30% Other Conditions – TDS will be deducted without set off of loss   Section -194C – Payment to Contractor   Deductor – Any Resident Payer Deductee – Any Resident Person Threshold Limit – Rs 30,000 (Single Bill/Invoice)/ Rs 1,00,000 (Aggregate Payment for whole financial year) Tax Rate – Individual/HUF – 1% / Others – 2%. Other Conditions – a) Work Contracts includes Advertisement, Broadcasting, Telecasting, Catering, Transportation of goods/passenger (other than railway) & Manufacturing/Supplying product as per customer specification out of the material supplied by such customer or its associate (Job Work). b) Payment made for personal purpose by Individual/HUF – No TDS c) Contract also includes Sub-Contracting d) TDS is not applicable on payment to Contractor engaged in plying, hiring or leasing of goods carriages u/s 44AE, where such contractor owns 10 or less goods carriages during the financial year & furnishes PAN. e) No TDS if Single Transaction is < Rs 30,000 & aggregate payment during the financial year is < Rs 1,00,000.    Section -194D – Insurance Commission   Deductor – Any Insurance Company Deductee – Any Resident Person Threshold Limit – Rs 15,000 Tax