For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called as “Tax Deducted at Source”, commonly known as TDS. Under this system tax is deducted at the origin of the income. Tax is deducted by the payer at the time of paying income and is remitted to the Government by the payer on behalf of the payee.
The provisions of deduction of tax at source are applicable to several payments such as salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc.
Pay your taxes as soon as you earn any income. ( Received it or not, its totally your concern )
Visit www.papertax.in and speak to your dedicated tax adviser for any further queries with regards to Income tax & G.S.T. matters, or download paper tax mobile application from Google play store to stay updated for any legal updates
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