Calculate TDS deduction for contractors, professionals, and rent.
1. Deduct ₹5,000 and pay ₹45,000 to the vendor.
2. Deposit the TDS to the government by the 7th of next month to avoid interest.
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New regime is beneficial if you don't have significant deductions. Old regime works better if you maximize 80C (₹1.5L), HRA, home loan interest, and other deductions exceeding ₹2.5L annually.
Standard deduction is a flat ₹75,000 deduction available to salaried individuals under the new tax regime (₹50,000 in old regime). It's automatically applied to reduce taxable income.
Tax is calculated on gross salary minus exemptions (HRA, LTA) and deductions (80C, 80D, etc.). The remaining taxable income is taxed as per slab rates, plus 4% cess on final tax amount.
If your tax liability exceeds ₹10,000 in a year, you must pay advance tax in four installments: 15% by June 15, 45% by Sep 15, 75% by Dec 15, and 100% by Mar 15.