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Why tds is paid to govt?
Hello friends, i was studying TDS(ipcc), and want to know what is the concept of TDS, why we need to pay TDS to govt, as already we are paying income tax. why concept of TDS was introduced? thanx.
Replies (2)
TDS stands for tax deducted at source. TDS is paid to Central Government as TDS is part and parcel of direct tax and as such paid to CG.Its significance to the government lies in the fact that it prepones the collection of tax, ensures a regular source of revenue, provides for a greater reach and wider base for tax. At the same time, to the tax payer, it distributes the incidence of tax and provides for a simple and convenient mode of payment
TDS is also a part of the Income Tax
The person making the payment deducts TDS from your income and deposits this with the Govt ... And at tjme when you pay Income tax, you deduct this amount already paid as TDS...
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