Compliance GST TDS INCOME TAX

This discussion briefly explains Goods and Services Tax (GST), Tax Deducted at Source (TDS), and Income Tax. GST is a tax on the sale and purchase of goods and services, with input GST being a current asset and output GST a current liability. TDS is tax deducted at source when making certain payments, which is then submitted to the income tax department on behalf of others. Income tax refers to the tax assessed on one's own income, such as from rent or business.