![]() ![]() The entity receiving the payment after TDS deduction is known as the deductee. TDS is deducted by the entity making the payment, known as the deductor. ![]() ![]() There is no single rate of TDS for each transaction it varies as per the nature of the transactions. In the same way, TDS applies to various transactions such as salary, brokerage, commission, rent payment, professional fees, etc. As per Section 192 of the Income Tax Act, your employer is required to deduct TDS from your salary before making a payment. The payer deducts a certain percentage from the due amount as tax and remits it to the government on the due date.įor example, when you receive your salary, your employer deducts the TDS and deposits the remaining amount in your bank account. Tax Deducted at Source (TDS) is a tax collection system in which tax is deducted at the source of income. In this article, we will see what TDS is, why it exists, who should pay it, who should deduct it, its types and so on. If you are a taxpayer, you would have come across the term ‘TDS’. ![]()
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