What is TDS? || Tax Deduction at Source || HR Tutorials India || TDS Exemptions || TDS on Salary

What is TDS? || Tax Deduction at Source || HR Tutorials India || TDS Exemptions || TDS on Salary || TDS || What is HR? Watch the video till the end to find out the full details. Stay connected to "HR Tutorials India" for more interesting videos.
What is TDS?
TDS stands for “Tax Deduction at Source”. The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.
Section 192 of the Income Tax Act, 1961 deals with tax deducted at source (TDS) on salary. Your employer will deduct TDS from the salary payable to you. The salary you receive from your employer is categorised in ‘Income’ under the head ‘Salary’ and he/she will be responsible for deducting TDS on an average rate of income tax based on the current slab rate during the relevant financial year by considering your estimated income.The TDS deducted u/s 192 is reflected in Form 16, which is issued by the taxpayer at the end of the financial year.
The company or person that makes the payment after deducting TDS is called a deductor and the company or person receiving the payment is called the deductee. It is the deductor’s responsibility to deduct TDS before making the payment and deposit the same with the government. TDS is deducted irrespective of the mode of payment-cash, cheque or credit, and is linked to the PAN of the deductor and deducted.
TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments.
Usually, the person receiving income is liable to pay income tax. But the government with the help of Tax Deducted at Source provisions makes sure that income tax is deducted in advance from the payments being made by you.
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HR Tutorials India
What is TDS?
What is Tax Deduction at Source?
HR Tutorials India
TDS Exemptions
Tax Exemptions
TDS on Salary
TDS
How TDS Works?
How to Calculate TDS on Salary?
TDS Deductions
TDS Payments
TDS Returns
Tax Exemptions on Salary
Tax Deduction at Source
Tax Deducted Source
How to Calculate TDS?
TDS on Salary Calculation
Basic Concepts of TDS
TDS Introduction
All about TDS
Statutory Compliance
What is HR?
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