
What is TDS? TDS is basically Tax Deducted at Source. According to the Income Tax Act – people in charge of making installments are required to deduct tax at source at recommended rates. Rather than getting tax on your salary from you at a later date, the govt needs the payers to deduct tax before hand and store it with the govt. The beneficiary of pay gets the net sum (after deducted of tax at source). The beneficiary will add the gross add up to his wage and the sum deducted at source is balanced against his last tax obligation. Read More …