Tax deducted at source (TDS) is a means of collecting income tax in India, under the income tax act of 1961. Any payment covered under these provisions shall be paid after deducting prescribed percentage. It is managed by the central board of direct taxes. (CBDT) and is part of the department of revenue managed by Indian revenue service (IRS) It has a great importance while conducting tax audits. Assessee is also required to file quarterly to CBDT return states the TDS deducted & Paid to government during the quarter to which it relates.
Posted 1 year ago by Neeraj bhagat
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