Answer Posted / ramya

TDS means Tax Deducted at Source. The concept of TDS was
introduced in the Income Tax Act, 1961, with the objective
of deducting the tax on an income, at the source of income.
It is one of the methods of collecting Income Tax, which
ensures regular flow of income to the Government.

Example:
If a company is making the payment towards Rent to the
owner of the building, it is required to deduct the tax on
the income (i.e. before payment to the owner), at the
source of income.
TDS Process
A seller (Deductee) provides services to the buyer
(Deductor).
The buyer deducts the Tax at the time of payment of
advances or while accounting the Bills
received.
The buyer deposits the deducted amount to the designated
branches of the authorised
bank
The buyer issues Form No.16A to the Deductee
The buyer files annual returns electronically to the
Income Tax department.
The seller files returns, along with Form 16A claiming the
credit of the Tax deducted at
source.

Time & Mode of TDS Payment
All the Tax deducted during a month are to be paid to the
credit of Government on or before
7th of the next month. In case 7th of the month happens to
be a sunday or a bank holiday
payment can be made on the next working day
TDS amount shall be paid to the government account through
any designated branches of
the authorised banks, along with Income Tax Challan No.281.
In case of collections made by or on behalf of the
Government, the amount shall be credited
within the time and in the manner aforesaid without the
production of a challan.

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