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Answer Posted / priyanka
TDS is tax deducted at source, also called TCS means tax
collected at source. We the people have been given a duty
to be performed by the govt. to deduct tax when we made a
payment for any service. But TDS is not deducted on every
service. The services on which tax is to be deducted are
given in Income tax act. This is a source of revenue for
the govt. But the rates for tax deduction are also
different for different types of services and it is also
necessary that the income on which tax is deducted should
cross the given limit, which has been given in Income Tax
Act.
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