Wat is TDS?give full information on that topic.
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Answer Posted / deepak salokhe
tsd is one kind of indirect tx collected by the govt.. This
is governed under Indian Income Tax Act, 1961, by the
Central Board for Direct Taxes (CBDT) and is part of the
Department of Revenue managed by Indian Revenue Service
(IRS), under the Ministry of Finance, Govt. of India.In
simple terms, TDS is the tax getting deducted from the
person receiving the amount (Employee/Deductee) by the
person paying such amount (Employer/Deductor). This is
applicable for certain types of payments, as applicable
under the Act.The word "TDS" stands for Tax Deducted at
Source. In India, TDS is deducted from various sources like
salaries (Section 192) , interest on securities (Section
193), dividends (section 194), interest other
than "interest on securities" (Section 194A); winnings from
lotteries/crossword puzzles/card games (Section 194B),
winnings from horse races (Section 194BB), payments to
contractors/sub-contractors (Section 194C), insurance
commission (Section 194D), payment out of deposits under
National Savings Scheme (194EE) or on account of repurchase
of units referred to in Section 80CCB (Section
194EE/Section 194F), commission/brokerage (section 194H),
commission on sale of lottery tickets (Section 194G), rent
(Section 194I), professional/technical fees (Section 194J),
etc.
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