CONCEPT OF TDS
- Aims at deduction of tax at the very source of income;
- An indirect method of collecting tax;
- To Collect tax in advance;
- Deduction by the person making payment/crediting;
- Deduction of TDS on certain specific nature of payment;
- No deduction of TDS on the amount of indirect taxes like GST charged on bill.
- Governed by provisions of Chapter XVII of the Income Tax Act, 1961 ….Continue Reading