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 »
Difference between TDS vs TCS Difference between TDS vs TCS, TDS and TCS are both types of tax collection mechanisms in India, but they differ in their nature, purpose, and applicability. TDS TDS (Tax Deducted at Source) is a tax collection mechanism that requires a person to deduct tax at a prescribed rate from the… Read More »
