Clients: Tax Deducted at Source
Url Link: TDS
Date: April 10, 2018
Status: DONE

Process of implementation

Tax deduction at source (TDS) is a means of collecting tax on income, dividends or asset sales, by requiring the payer (or legal intermediary) to deduct tax due before paying the balance to the payee (and the tax to the revenue authority).

In India, under the Indian Income Tax Act of 1961, income tax must be deducted at source as per the provisions of the Income Tax Act, 1961. Any payment covered under these provisions shall be paid after deducting a prescribed percentage of income tax. It is managed by the [Central Board for Direct Taxes] (CBDT) and is part of the Department of Revenue managed by Indian Revenue Service. It has a great importance while conducting tax audits. Assessee is also required to file quarterly return to CBDT. Returns states the TDS deducted & paid to government during the Quarter to which it relates.

Overcoming challenges

In the Ireland and the United Kingdom, the term used for payroll withholding tax is pay-as-you-earn tax (PAYE); in Australia and the United States, the term pay-as-you-go is used

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