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| *Ostroff, Fair and Company>>>India Taxes |
What is the formality relating to TDS? |
What is the formality relating to TDS? 1.You need to deduct TDS at the time of credit or payment, whichever is earlier. 2.Remit it within time (usually within 7 days of the end of the month) 3. Issue TDS Certificates to the deductee 4. File TDS returns either electronically or manually every quarter or year end as the case may be. eTDS is applicable or say, mandatory for companies at present. TDS is a term used in INDIA and means TAX(INCOME TAX/SERVICE TAX ) DEDUCTED AT SOURCE since the INDIAN INCOME TAX LAWS impose the responsibility to deduct compulsorily income tax/service tax at certain rates on certain payments beyond certain limits and remit such deduction to Govt account and give a certificate of deduction to the assessee / Any elaboration would be confusing and better to refer to the web pages of Govt of India of Finance Ministry |
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