TDS
Regulation & taxTax Deducted at Source — tax withheld by the payer and credited against your liability.
In plain terms
Not your final tax. If your slab is higher, the balance is still payable at filing.
1492 terms
Glossary
Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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Form 15H
Regulation & taxA declaration by a senior citizen that their income is below the taxable limit, stopping TDS on interest.
In plain terms
Submit it every April at every bank. Forgetting is the commonest reason a retired person's money sits with the tax department for a year.
Form 26AS
Regulation & taxThe government’s consolidated statement of tax deposited against your PAN, including TDS, advance tax and self-assessment tax.
In plain terms
Credit for tax deducted exists only once the deductor has both deposited it and filed a return quoting your PAN correctly. Check this rather than the deductor’s word before filing.
Virtual digital asset
Regulation & taxAlso called: VDA
The Indian tax law's term for crypto and similar assets, taxed at a flat 30% with 1% TDS and no loss offset.
In plain terms
Being taxed is not the same as being regulated. The state will tax the gains; it will not help recover the capital.
NRI
Regulation & taxNon-Resident Indian — an Indian citizen whose tax residency is outside India.
In plain terms
Different account types, heavier TDS and repatriation limits. Update your status the moment it changes.