What is TDS
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Answer Posted / vijay gawalkar
Tax deducted at source or well known as TDS is one of the
modes of collecting Income tax from the assessees. This is
governed the Income Tax Act, 1961 and levied by CBDT.
TDS is the tax getting deducted from the person receiving
the amount by the person paying such amount. This is
applicable to certain types of payments, as applicable is
the said Act.
In the process of TDS, deduction of tax is effected at the
source when income arises or accrues. Hence where any
specified type of income arises or accrues to any one, the
Income-tax Act enjoins on the payer of such income to
deduct a stipulated percentage of such income by way of
Income-tax and pay only the balance amount to the recipient
of such income.
The tax so deducted at source by the payer, has to be
deposited in the Government treasury to the credit of
Central Govt, within the specified time. The tax so
deducted from the income of the recipient is deemed to be
payment of Income-tax by the recipient at the time of his
assessment.
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