Tax Deduction at Source (TDS) is a system implemented by the Indian government to collect taxes at the source of income. TDS is applicable on various types of income, such as salary, commission, professional fees, and rent, among others. TDS is typically deducted at a specified percentage of the total amount payable, as specified in the Income Tax Act.

Here are a few key topics related to the basics of Tax Deduction at Source (TDS):

Types of income on which TDS is applicable: TDS is applicable on various types of income, including salary, commission, professional fees, rent, and interest income, among others.
TDS rates: Different TDS rates are specified for different types of income, as per the Income Tax Act. The rates may also vary depending on the type of entity making the payment.
TDS deduction and deposit: The person responsible for making the payment is responsible for deducting TDS and depositing it with the government.
TDS credit: The person from whom TDS is deducted can claim credit for the TDS paid against their final tax liability.
TDS returns: The person responsible for deducting TDS is required to file TDS returns with the government, detailing the TDS deducted and deposited.
TDS exemptions and threshold limit: Certain types of income and certain types of entities may be exempt from TDS or have a threshold limit beyond which TDS is applicable.
TDS penalties: Late deposit of TDS, failure to deposit TDS, or failure to file TDS returns may attract penalties as per the Income Tax Act.

For further details, reach us at Kanakkupillai.com

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