What Is TDS And How is It Deducted ? – Hello friends how are you all? Hope you are all healthy. Friends, in this article today we are going to give you information on a very important subject. Today we will tell you about TDS in this article. Today in this article we will tell you what is TDS and why is TDS deducted? If you also do not know about TDS and want to know, then read our article till the last.
Friends, if you work in a company or do a job elsewhere, then you must have heard the name of TDS there and it may be that the company deducts TDS from your salary. If you do not work anywhere and are a student, you must have heard the name of TDS. Many people are confused about what this TDS is and why do we have to pay money to the company as TDS? We are going to discuss this topic in this article today. Today we will give you complete information about TDS and answer some of your major questions.
A fixed amount is deducted as TDS every month from the salary of all those who work in a big company or in a big office. This amount is called TDS. If TDS is deducted from your account too, then it is your right to know what is TDS and why is TDS deducted?
What Is TDS?
Come on guys, now we do not waste much time telling you what is TDS and how TDS is deducted. Friends, TDS full form tax deducted at source. TDS has a constitutional form which is deducted under the Income Tax Department. When your salary is more than a certain amount per month, then the Income Tax Department deducts some amount from your account as TDS per month.
This account is called TDS. It is used to give you financial support in future, if by chance you ever have an accident then you are supported by the company. This assistance is financial aid, which is paid to the company every month in the form of TDS, the returns are given to you later.
Why Is TDS Deducted?
Now the question is coming in the mind of all of you, why is TDS deducted? So friends, constitutionally, the government takes a few rupees as income tax every month. These rupees are used by the government to provide facilities to you. If your salary is more than a certain amount, then the Income Tax Department takes money from your account in the form of TDS and returns it to you later if needed.
Some Of Your Major Questions Related To TDS
TDS is a very confusing topic and people have a lot of confusion about it as well. , There are some major questions in the minds of people about TDS, which we need to answer. Let us answer some of the major questions related to TDS.
Who Are The Deductors And Deductees?
There is a lot of confusion in the minds of people that who is a ddeductor and a deductees ? If you do not know, let me tell you that the person who deducts money from your account is called a deductor. In TDS, the income tax department deducts money from your account, hence the income tax department is called the deductor and the person from whose account the money is deducted is called the deductor. If you are deducting money from your account, you will be called a deductee.
TDS Is Deducted On How Much Income?
Now you may be thinking that on how much income TDS is deducted, friends, let me tell you that if you have income below the amount determined by the Income Tax Department, then your TDS will not be deducted. The Income Tax Department prescribes an income for TDS every year and TDS is deducted by the Income Tax Department for those who exceed the statutory salary limit.
Friends, this was an important information related to TDS for you. Today we told you what this TDS is and why TDS is deducted? We hope you liked this information. If you want to get other similar information, read our article daily. We bring new information for you every day on our blog. Thank you very much for your valuable time