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Tax deducted at source or TDS is the tax that is collected by the Government of India at the time when a transaction takes place. Here, in this case, the tax is to be deducted at the time the money is credited to the payee's account or at the time of payment whichever happens earlier.In this case of salary payment or the life insurance policy, the tax is deducted at the time when the payment is done. The deductor is required to deposit this amount with the Income Tax Department. Through TDS a portion of the tax is paid directly to the Income Tax Department.
(1) It prevents people from evading taxes.
(2) It ensures a steady source of revenue for the Government.
(3) The Tax Collection base is widened.
(4) The burden of responsibility of the Tax Collection Agencies and the Deductor are lessened.
(5) It is convenient for the deductee as Tax is automatically deducted.
(1) Preparation of TDS Return Form.
(2) Submission of Form along with necessary documents.
(3) Verification of Form and Documents by the Authority.
(4) Issue of Receipt of Acknowledgment.
(1) PAN card.
(2) TDS certificate.
(3) Tax payment challan.
(4) Bank statement
(1) What is TDS return filing?
(2) What happens if TDS is not deducted on time?
(3) How TDS deducted on salary?
(4) Who is eligible for TDS refund?
(5) Is it necessary to tax after TDS
