TDS Section 192
Definition
The provision under which an employer deducts tax at source from salary based on the employee's estimated annual income and chosen tax regime. Unlike most TDS sections it has no flat rate — tax is deducted at the employee's average slab rate over the year.
Related Terms in India GST
TDS Section 194A
The provision for deducting tax at source on interest other than interest on securities — for example interest paid by banks on deposits or by businesses on loans — above a prescribed threshold.
TDS Section 195
The provision governing deduction of tax at source on payments to non-residents in India. Rates depend on the nature of income and any applicable Double Taxation Avoidance Agreement, and a reporting form is required for remittances abroad.
TCS Section 206C
The provision requiring sellers of specified goods — and, under 206C(1H), sellers above a turnover limit on large sales of goods — to collect tax at source from buyers. The collected tax is credited to the buyer against their tax liability.
Form 16
The TDS certificate an employer issues to an employee in India, summarising salary paid and tax deducted at source during the financial year. Part A shows the TDS deposited and Part B details the salary and deductions used to compute it.
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