What is TDS? Please explain rate of TDS.
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Answer Posted / g.siva raju
TDS MEANS TAX DEDUCTED AT SOURCES. THAT MEANS TAX SHOULD BE
DEDUCTED ON THE INCOME OF THE ASSEASSEE AT THE TIME OF
PAYMENT OR AT THE TIME OF CREDIT WHICH EVER IS EARLIER.THE
SAME HAS TO BE DEPOSITED WITH THE GOVT. A/C.ON OR BEFORE
7TH DAY OF THE NEXT MONTH,OTHER WISE THE EMPLOYER/DEDUCTOR
HAS TO FACE PHENALTIES, INTERESTS ETC. AND TO DEDUCT THIS
TDS FROM HIS EMPLOYEES & CONSTOMERS THE COMPANY SHOULD HAVE
THE TAN (TAX DEDUCTION ACCOUNT NUMBER). THIS IS MANDATORY
VIDE INCOME TAX RULES 206C OF INCOME TAX ACT 1961.THW TDS
RATES ARE DIFFERENT FROM EACH OTHER BASED ON THE NATURE OF
TRANSACTIONS & TURNOVER VALUES.
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