TDS Codes In the Indian context of Tax Deducted at Source (TDS), TDS code denote distinct identification codes assigned to various payment categories for the purpose of reporting. These codes are use while filing TDS returns to indicate the nature of the payment on which TDS has been deducted. The TDS code are specify… Read More »
Tax deduction What is TDS? TDS stands for Tax Deducted at Source. It is a system introduced by the Income Tax Department of India to collect tax at the origin of income. According to this system, a person (referred to as the deductor) responsible for making certain payments (like salary, rent, professional fees, etc.) is… Read More »
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 »
User Intent People searching for “TDS vs TCS” want to understand the fundamental differences between Tax Deducted at Source (TDS) and Tax Collected at Source (TCS). They may be business owners, accountants, finance students, or individuals looking to comply with tax laws. This guide provides a step-by-step breakdown to clarify these two… Read More »
User Intent People often wonder why Tax Deducted at Source (TDS) is deducted from their salary, professional fees, or interest income. This article provides a detailed, step-by-step guide to help you understand the concept, its applications, benefits, limitations, and comparisons with other tax collection methods. Introduction TDS, or Tax Deducted at… Read More »
Is fee paid to Non-Professional accountant subject to TDS TDS on fee of Non-Professional accountant is mandatory. The payment made to a non-professional accountant is subject to Tax Deducted at Source (TDS) as per Section 194J of the Income Tax Act, 1961. The applicable TDS rate for non-professional services is 10%, with a reduced rate… Read More »
User Intent Users searching for this topic want clarity on the frequency of Tax Deducted at Source (TDS). They may be taxpayers, businesses, or financial professionals looking for compliance-related information. This guide explains whether TDS is deducted monthly or annually, explores its applications, highlights its benefits and limitations, and provides a comparative analysis. Introduction TDS,… Read More »