How does TDS work?

The tax deducted at source is then transferred to the government on behalf of the deductee, who is the recipient of the payment. This ensures that the tax is paid on time and reduces the risk of tax evasion.

The deductee receives the balance of the payment after the tax has been deducted. This means that they do not have to pay the full amount of the payment upfront and wait for a refund from the tax authorities.

TDS stands for Tax Deducted at Source. This is a system where a person responsible for making a payment to another individual or entity is required to deduct tax before making the payment.

The TDS mechanism is widely used in various transactions, including salary payments, interest payments, rent payments, and commissions. It helps to ensure that the correct amount of tax is paid on these payments.

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