TDS
Q1. What is the full form of TDS?
Ans: The term” TDS” stands for Tax Deducted at Source.
Q2. What kind of tax TDS is?
Ans: TDS is a Direct tax.
Q3. Is TDS required to be paid only by salaried individuals?
Ans: TDS is paid by salaried people as well as self-employed individuals.
Q4. Which form is required to submit TDS?
Ans: To submit TDS, 26AS form is required.
Q5. Who has to pay or is eligible for a TDS deduction?
Ans: The TDS deduction is available to anyone who must pay taxes on their income.
TDS Full Form
The full form of TDS is Tax Deducted at Source. TDS can be defined as the collection of income tax at the source of its generation. Its implementation was intended to deduct taxes immediately from the source of income. In TDS, tax is deducted at the time of payment by the person who is making the payment and remits the collected amount to the government on behalf of the receiver. TDS is one of the forms of direct tax. Based on factors such as interest, consulting fees, rent, etc. the government set rates of TDS.