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Answer Posted / h.r. sreepada bhagi
TDS - Tax Deduction at Source.
A Company, Firm or other entity which pays or is liable to
pay income to any other Company/Party/Person is liable to
deduct tax at Source, while paying such income or crediting
such income to the account of the payee.
The Scope & rates & applicability of TDS are mentioned in
Sections 192, 194, 195, etc., of the Income Tax Act, 1961.
PAN is a must for both the parties & TAN is a must for the
party deducting tax at source, who is liable to remit the
amount to the Central Government A/c & to file the necessary
Returns with the Income Tax Department.
For more and updated information refer Income Tax Act, Ready
Reckoner, Income Tax Department or other websites. This
answer is related to Indian Tax Law only.
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