Introduction of TDS Introduction of TDS,The concept of Tax Deducted at Source (TDS) was implement to streamline the process of tax collection, enhance adherence to tax regulations, and tackle the diverse issues encountered by tax authorities. Here are some reasons why TDS was introduced: Revenue Assurance: TDS helps in ensuring a steady flow of… Read More »
Is TDS mandatory Yes, TDS (Tax Deducted at Source) is mandatory in certain situations as per the provisions of the Income Tax Act, 1961 in India. It requires the deductor (the person making payment) to deduct a certain percentage of tax from the payment being made and remit it to the government. TDS is applicable… Read More »
TDS Compliance Meaning TDS compliance meaning entails adhering to the regulations outlined in the Income Tax Act, 1961, pertaining to Tax Deducted at Source (TDS).. It involves the proper deduction, deposit, and reporting of TDS by the deductor (the person responsible for making specified payments) to the tax authorities. TDS compliance encompasses several aspects, including:… Read More »
Difference between ITR and TDS ITR (Income Tax Return) and TDS (Tax Deducted at Source) are distinct concepts related to income tax in India. ITR refers to the document filed annually by individuals or entities with the Income Tax Department. It includes the declaration of their income earned during a financial year, deductions claimed, and… Read More »
