Are TDS rates different for various financial years?

Yes, TDS rates can differ across various financial years. The government of India periodically revises these rates based on budgetary provisions and economic conditions. TDS is levied on various income sources, including salaries, bank interest, commissions, rental income, and dividends. The specific TDS rate depends on factors like the nature of income and the payee's tax status. It is important to follow the TDS guidelines accurately, including timely returns. Non-compliance can result in penalties and, in extreme cases, legal consequences.

You may use the online TDS calculator to understand how your TDS is calculated.