{"id":841,"date":"2024-11-28T05:20:44","date_gmt":"2024-11-28T05:20:44","guid":{"rendered":"https:\/\/pacificglobaltechnologies.com\/wordpress\/?p=841"},"modified":"2024-11-28T05:36:46","modified_gmt":"2024-11-28T05:36:46","slug":"what-is-tds","status":"publish","type":"post","link":"https:\/\/pacificglobaltechnologies.com\/wordpress\/what-is-tds\/","title":{"rendered":"1. What is TDS ?"},"content":{"rendered":"<p class=\"textjustify\">Tax<strong> Deducted at Source (TDS)<\/strong> is a procedure implemented by the Indian government to collect taxes at the source of income. A certain percentage of tax is deducted by the payer at the time of making payments to the receiver, and this amount is then remitted to the government. TDS is applicable to a wide range of income categories such as salaries, interest on fixed deposits, rent, commissions, etc. TDS helps prevent tax evasion and understanding it is crucial for both payers and receivers of income in India.<\/p>\n<p>TDS has to be deducted at the rates prescribed by the tax department. The company or person that makes the payment after deducting TDS is called a deductor and the company or person receiving the payment is called the deducted.<\/p>\n<p>It is the deductor\u2019s responsibility to deduct TDS before making the payment and deposit the same with the government. TDS is deducted irrespective of the mode of payment\u2013cash, cheque or credit\u2013and is linked to the PAN of the deductor and deducted.<\/p>\n<p>TDS Deduction on types of :<\/p>\n<ul>\n<li>Salaries<\/li>\n<li>Interest payments by banks<\/li>\n<li>Commission payments<\/li>\n<li>Rent payments<\/li>\n<li>Consultation fees<\/li>\n<li>Professional fees<\/li>\n<\/ul>\n<p>However, individuals are not important to deduct TDS when they make rent payments or pay fees to professionals like lawyers and doctors.<\/p>\n<p>TDS is one kind of advance tax. It is tax that is to be deposited with the government periodically, and the deductor is responsible for making the deposit on time.<\/p>\n<p>For the deductee, the deducted TDS can be claimed in the form of a tax refund after they file their\u00a0<a href=\"https:\/\/cleartax.in\/s\/which-itr-to-file\" target=\"_blank\" rel=\"noopener noreferrer\">ITR.<\/a>\n<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tax Deducted at Source (TDS) is a procedure implemented by the Indian government to collect taxes at the source of income. A certain percentage of tax is deducted by the payer at the time of making payments to the receiver, and this amount is then remitted to the government. TDS is applicable to a wide [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[28,29],"class_list":["post-841","post","type-post","status-publish","format-standard","hentry","category-accounts","tag-tds","tag-tdsdeductiontypes"],"_links":{"self":[{"href":"https:\/\/pacificglobaltechnologies.com\/wordpress\/wp-json\/wp\/v2\/posts\/841","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pacificglobaltechnologies.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pacificglobaltechnologies.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pacificglobaltechnologies.com\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pacificglobaltechnologies.com\/wordpress\/wp-json\/wp\/v2\/comments?post=841"}],"version-history":[{"count":7,"href":"https:\/\/pacificglobaltechnologies.com\/wordpress\/wp-json\/wp\/v2\/posts\/841\/revisions"}],"predecessor-version":[{"id":848,"href":"https:\/\/pacificglobaltechnologies.com\/wordpress\/wp-json\/wp\/v2\/posts\/841\/revisions\/848"}],"wp:attachment":[{"href":"https:\/\/pacificglobaltechnologies.com\/wordpress\/wp-json\/wp\/v2\/media?parent=841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pacificglobaltechnologies.com\/wordpress\/wp-json\/wp\/v2\/categories?post=841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pacificglobaltechnologies.com\/wordpress\/wp-json\/wp\/v2\/tags?post=841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}