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Answer Posted / sugumar
TDS is tax deducted at source. Tax at the applicable rate
is to be deducted form the salary by the employer at the
time of paying/crediting the salary. The employer will give
a Tax Deduction certificate at the end of the financial
year and the employee can claim this deduction through his
income tax return for the year.Also, in case of contract or
service provided by anyone to another, above a certain
amount, tax is to be deducted at the applicable rate which
are different for different types of payment. The payer of
the bill will give a tax deduction certificate in the
prescribed form to the latter to claim in his tax return.
The person who deducts tax has to deposit the tax with the
govt. treasury or authorised banks. A quarterly return has
to be filed with the appropriate authorities, of the tax
deducted. Penalty for not filing the return is Rs. 100/-
per day of delay.See income Tax Act and rules
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