Tax Deducted At Source

Tax Deducted At Source

It is also known as TDS. Tax Deducted at Source and Advance payment of Tax both are advance however there are lots of difference. But... 1:28 AM

It is also known as TDS. Tax Deducted at Source and Advance payment of Tax both are advance however there are lots of difference. But it is not necessary that every time TDS will deduct. If any payment made by anybody (Insurance co., Bank, or Employer). This payment is subject to TDS in the norms of Income Tax. If income exceeds minimum taxable limit or in case of other interest on Bank deposit exceeds Rs. 10,000 as per rule of Income Tax Act. TDS deduct on behalf of Government from the amount of payment Within 7 days of deduction. TDS deduct on ; 1) Salary 2) Any withdrawal from Recognized Provident Fund on or after June 1, 2015 3) Insurance commission paid by Post office 4) Winning from lotteries and Game cards