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What is TDS?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Pinky asked over 3 years ago

What is TDS?

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5 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered almost 3 years ago

TDS stands for Tax deducted at source. As per Income tax certain persons responsible for making payments are required to deduct tax at source at prescribed rates. This Tax deducted has to be deposited by them to the Govt. The recipient of Income receives the Net amount (after deducted of Tax at source) . However the recipient is liable to add the gross amount to his/her Income and the amount deducted at source is adjusted against his/her Final Tax liability.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Aakash Tanwer answered over 3 years ago

Hello Friend TDS Stands for Tax Deducted at Source. As Per Income Tax Act 1961, some persons are required to deduct TDS on some specified payment (specified in chapter ) Where the Person who pays the amount required to deduct tax and same should be deposited to the government on behalf of receiver. It is just like an Advance tax for the Receiver which are deposited by the payer. when the receiver is filing the Return of income they can claim TDS deducted in their PAN name(Permanent Account Number) Regards CA Aakash Tanwer

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Open uri20170510 32134 tcchcu?1494421832 Jitendra Suthar answered over 3 years ago

Hiii friend... TDS stands for Tax deducted at source. As per Income tax certain persons responsible for making payments are required to deduct tax at source at prescribed rates. This Tax deducted has to be deposited by them to the Govt. The recipient of Income receives the Net amount (after deducted of Tax at source) . However the recipient is liable to add the gross amount to his/her Income and the amount deducted at source is adjusted against his/her Final Tax liability. Regards,

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Open uri20170510 32134 1c996lj?1494421732 Anil answered over 3 years ago

Tax deducted at source (TDS), as the very name implies aims at collection of revenue at the very source of income. It is essentially an indirect method of collecting tax which combines the concepts of “pay as you earn” and “collect as it is being earned.” Its significance to the government lies in the fact that it prepones the collection of tax, ensures a regular source of revenue, provides for a greater reach and wider base for tax. At the same time, to the tax payer, it distributes the incidence of tax and provides for a simple and convenient mode of payment. The concept of TDS requires that the person on whom responsibility has been cast, is to deduct tax at the appropriate rates, from payments of specific nature which are being made to a specified recipient. The deducted sum is required to be deposited to the credit of the Central Government. The recipient from whose income tax has been deducted at source, gets the credit of the amount deducted in his personal assessment on the basis of the certificate issued by the deductor.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CHITRANJAN AGARWAL answered over 3 years ago

Dear pinky, As per the provision of income tax act 1961, some payment which is paid or service taken by the receiver is liable to deduct tax and make payment to to the govt on the behalf of other. tds is introduce to curv black money in india. TDS is nothing but income tax which is deducted and paid by other on behalf of you. Any other query feel free to contact us. Writer CA Chitranjan Agarwal

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