Who can avail a TDS waiver?

How to avoid paying TDS?

You can submit Form 15G or 15H to avoid the TDS. In the case of senior citizens use Form 15H. If there is no tax on the total income, it may be submitted.

Can a NRI file belated return?

Yes, NRIs can file a belated return if the original deadline is missed. For FY 2024-25, the belated return window remains open until 31 December 2025. However, late fees under Section 234F and interest under Section 234A will apply.

Is TDS refundable for NRI?

Most NRIs do not realise that even if their final tax liability is lower, the TDS is deducted at fixed high rates. NRIs can claim a full or partial TDS refund by filing ITR for AY 2025 26, even if no tax is actually payable.

How do I pay 1% TDS on property purchase?

Follow the below steps to pay TDS on your property online.

1. Step 1: Fill form 26QB online. Before depositing the payment fill form 26QB, available on the TIN-NSDL website. ...
2. Step 2: Confirm the e-payment. Upon confirmation, the TDS amount will be deducted electronically from your bank. ...
3. Step 3: Download form 16B.

How to avoid TDS on international transactions?

How to Reduce TDS Using DTAA (Double Taxation Avoidance Agreement)

1. Submit Tax Residency Certificate (TRC) from the foreign country.
2. Provide Form 10F to the deductor.
3. Mention DTAA in Form 15CA/15CB.

Who is eligible for a TDS exemption certificate?

Section 197A: Who Can Apply for TDS Exemption? Any individual, including corporations, can apply for Section 197. However, for specific income categories, resident individuals or non-corporate entities can also submit a self-declaration using specified forms (Form 15G/Form 15H) to exempt TDS deduction.

How can I save 100% tax in India?

How can I save 100% income tax in India?

1. Use Section 80C (₹1.5 lakh),
2. Add NPS 80CCD(1B) (₹50,000),
3. Claim 80D health insurance,
4. Opt for HRA exemptions,
5. Invest in tax-free instruments like PPF and Sukanya Samriddhi Yojana,
6. Use standard deduction (₹50,000 under old regime, ₹75,000 under new regime),

How much TDS is deducted on a 70,000 salary?

TDS on Salary would be deducted @ 9.56%. Therefore TDS on Salary would be 9.56% of Rs. 70,000 i.e. Rs.

Is TDS 100% refundable?

Q- Is TDS 100% refundable? The amount of TDS refund you receive depends on the amount of tax liability you have. For example, if your income is not taxable, still your TDS was deducted, and you might be eligible for a 100% tax refund.

How to avoid 40% tax?

How to avoid paying higher-rate tax

1. 1) Pay more into your pension. ...
2. 2) Reduce your pension withdrawals. ...
3. 3) Shelter your savings and investments from tax. ...
4. 4) Transfer income-producing assets to a spouse. ...
5. 5) Donate to charity. ...
6. 6) Salary sacrifice schemes. ...
7. 7) Venture capital investments.

How much TDS is deducted on a 60,000 salary?

Here's how TDS is calculated: Annual Income = ₹50,000 x 12 = ₹6,00,000. Tax Liability (as per slabs) = ₹60,000. TDS Deducted Monthly = ₹60,000 / 12 = ₹5,000.

How to avoid TDS on sale of property in India?

Before the sale transaction, you can register on the TRACES portal and apply online for an LDC in Form 13 along with the requisite documentation to the Income Tax Assessing Officer (AO) in India. You will have to justify a lower tax burden to the AO by disclosing: Any LTCG/STCG from the sale transaction; and.

Who is eligible for 2% TDS?

Rate of TDS : TDS is to be deducted at the rate of 2 percent on payments made to the supplier of taxable goods and/or services, where the total value of such supply, under an individual contract, exceeds two lakh ifty thousand rupees.

Is TDS refunded automatically?

The only way to get a TDS refund is by filing your ITR for the relevant financial year. Inside the return form, enter your income, deductions, and the TDS already deducted. If your tax liability is lower than the TDS deducted, the difference becomes your refund automatically.

How to avoid TDS on NRE account?

An NRI can reduce or avoid TDS by:

1. Providing a valid PAN to the deductor.
2. Submitting Form 15CA/15CB if income is not taxable in India under DTAA (Double Taxation Avoidance Agreement) with their country of residence.
3. Investing in tax-exempt instruments or avenues under Indian tax laws.

Is inr ₹7 lacs income tax free in India?

With the recent changes in the Indian Income Tax Act, it's now possible to pay zero tax on a salary of up to Rs. 7 lakhs. To pay zero tax on a 7 lakh salary using the old tax regime, maximize deductions: Claim Tax Rebate under Section 87A.

What is the penalty for not declaring NRI status in India?

This penalty can be: A fine of up to three times the balance in your account, or. ₹2 lakh, if the amount is not quantifiable. An additional ₹5,000 per day from the date of violation until the issue is corrected.

What is the new rule for NRI in India?

The 60-day rule is now replaced with a 120-day threshold. Under the new rule, an NRI or PIO earning over INR 1.5 million (US$17,213.6) in India will be classified as RNOR if they: Stay in India for 120 days or more in a tax year. Have stayed in India for 365+ days in the past four years.

How long can a NRI account be maintained after returning to India?

Your NRI status is considered a NOR status for 2-3 years after you return to the country. After this, your status is that of a ROR and the taxation rules applicable to all resident Indians will be applicable to you as well.