What is a Withholding tax? In a interview in a MNC, they ask me what is Withholding Tax. Plz clarify the details about this.
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Withholding tax
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Quick Summary
It's nothing but TDS
As per Income Tax act Employer deduct TDS of employee while making payment through out the financial year that is called Withholding Tax
We in India use word TDS(Tax deduct at source ) , however in some countries they use word " Withholding Tax "
TDS & TCS both are called withholding tax
Withholding tax is a tax deducted at source, especially one levied by some countries on interest or dividends paid to a person resident outside that country.
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