TDS is the abbreviation of Tax Deduction at Source. Basically, it is an income-tax which is deducted from the money paid at the time of making particular payments like salary; interest; rent; commission; professional fees etc. The present article clears up all the basic concepts of TDS.
Person liable to deduct TDS-
Any person responsible for making payment of specified transactions covered within the TDS provisions is liable to deduct TDS. TDS is to be deducted within earlier of the following dates-
- When payment is due; or
- When actual payment is done.
Source Taxguru
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