Needed a Document for Tax deductible at sources? Related: Computation of Tax Liability - Assessment of Individual, Income Tax Laws

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Needed a Document for Tax deductible at sources? Related: Computatio...

Tax Deducted at Source or TDS is a means of collecting income tax in India.

The provisions related to TDS are governed by the Income Tax Act of 1961. The law states that any permissible payment shall be paid after deducting prescribed percentage as tax – usually over a range of 1% to 10%.

The individual who receives the payment net of TDS (also known as the Assesse) is required to file return stating the TDS deducted and paid to government during over the relevant period.

How is TDS Deducted?

Both Income and expenditure, including salary, interests from banks, lotteries, rent payment, payment of commissions, and payments to freelancers etc. come under the umbrella of TDS. When payments are made under these segments, a percentage of the entire payment is withheld by the (paying) source. The source that is making the payment is called the Deductee, because the payment is being deducted from them. A Deductor , on the other hand, is a person or an organization that deducts tax from the deductee. For example, an employer (the deductor) pays salary to his employee (the deductee).

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