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Answer Posted / pratibha
TDS Means TAx Deducted at Source. It is Deducted By the
Payee who pay Cheque Amount Exceeding Particular Criteria
Declared By the Income Tax Department. Payee Should Submit
the TDS Amount as TDS return Within the Period to the
Goverment withthe given Formate (i.e PAN of Person whoes
tax deducted , Name etc)and Prepared Form 16A with the name
of Party so that he will( party whoes TDS Deducted) take
this benifit in Income Tax Return Filling.
Eg. Payment to Contractor Exceeding Payment 20000/- TDS 2%
i.e 20000-400 TDS = Cheque Amount 19600/-
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