About: The concept to deduct TDS is introduced to deduct tax from the source of income so that the government can prevent tax evasion. TDS is deducted when credited in the books of accounts or make payment to the recipient whichever is earlier basis. So if a person whose income is in the taxable...Continue reading
The duty of the person liable to deduct/collect tax at source: He shall obtain TAN Number and He shall deduct and collect the tax at the source at the applicable rate. He shall pay the tax deducted and collected by him to the credit of the Govt. and file the periodic TDS/TCS statements, i.e.,...Continue reading
Tax Deducted at Source (TDS)
Tax deducted at source is a means of collecting tax on income, dividends, or asset sales, by requiring the payer to deduct tax due before paying the balance to the payee. Who is liable to deduct tax at source ? People responsible for making certain payments of incomes or amounts are liable to deduct...Continue reading
TAX DEDUCTED AT SOURCE (TDS)
Introduction TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The...Continue reading
What is TDS ON GST?
Introduction TDS introduced in GST is a mechanism to track or identify the transaction of supply of goods and/or services by making the recipient of such supply deduct a percentage of the amount to be paid to the supplier of such goods and/or services and deposit the same with the Govt. When is Liable...Continue reading