TDS rules: In a major relief to the employers, the Centre has relaxed the rules for companies of depositing the Tax Deducted at Source (TDS) on salaries of employees.
Employers will now have more time to deduct Tax Deducted at Source (TDS) from employees' salaries starting from October 1, 2024.
The revised rule allows employers additional time to submit TDS filings to the government beginning October 1.
TDS, or Tax Deduction at Source, is the sum employers deduct from employees' salaries and transfer to the government.
As per the Income Tax Act, employers must deduct TDS on salary income according to the relevant slab rates.
In general, the due date to deposit the TDS is 7th of every month, which is the following month in which it was deducted from the employee's salary.