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Tds

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(Querist)
24 December 2013 what is tax deducted source...?
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Sanket

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Sanket (Expert)
24 December 2013 TDS is one of the modes of collection of taxes, by
which a certain percentage of amounts are
deducted by a person at the time of making/
crediting certain specific nature of payment to the
other person and deducted amount is remitted to
the Government account. It is similar to "pay as
you earn" scheme also known as Withholding Tax
in many other countries, one of the countries is
USA. The concept of TDS envisages the principle
of "pay as you earn". It facilitates sharing of
responsibility of tax collection between the
deductor and the tax administration. It ensures
regular inflow of cash resources to the
Government. It acts as a powerful instrument to
prevent tax evasion as well as expands the tax
net.
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