TDS Full Form | Full Form of TDS
TDS Full Form - Tax Deducted at Source
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Tax Deducted at Source
- TDS is one of the tax collecting method used in India. It’s governed under the Indian income tax Act 1961 and managed by Central Board of Direct Taxes (CBDT).
- It is a part of department of revenue managed by Indian Revenue Service ( IRS ).
- In the company, the Company's employer collects taxes from their employee and send it directly to the income tax department.
- This tax must be deposited in treasury of Indian Government within a specified time.
- There’s not a regular rate of deduction for this tax. It’s going to be ranged from 1% to 30% or more, depending on the entity on which it's applicable.
Deductor and Deductee are two identities involved in the process of TDS
Deductor and Deductee
- Deductor :
- The deductor may be a person or an organization who is responsible for deducting the money (taxes) before the payment is created.
- Deductee :
- The deductee is the person who is liable to pay the tax or from whom the tax is deducted.
Other Full sorts of TDS
|Acronym||Expansion||Area of application|
|TDS||Total dissolved solids||Academic and science|
|TDS||Tabular data stream||Computing protocol|
|TDS||Telephone and data streams||Business organization|