What is TDS
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Answer Posted / mohan
TDS is statutory obligation improved by Income Tax Laws on
each partnership firm/ Company.
The main motive of Govt. is to collect Income Tax at the
origin itself when payment is being made or expense bill is
accounted for (whichever is earlier).
TDS is applicable on various types of transactions viz.
Interest,Payment to Contractors,payment to
Consultants,Payment of Rent,Payment to Employees etc.
The rate of TDS varies for each of the above categories and
the rate of TDS also varies on the constitution of the
party we are dealing with (Corporate/ Non-corporate).
Further, TDS is liable to be deducted only when the amount
of payment exceeds minimum limit for TDS category in one
accounting year. Further in order to reduce hardship on
smaller contractors a provision is made under Income Tax
rules to levy reduced TDS rate for certain period on due
authorized letter.
| Is This Answer Correct ? | 137 Yes | 25 No |
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