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Tax Deduction at Source
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TDS stands for Tax Deduction at Source.
We must have heard the word TDS.
For instance, when we receive salary, our employer might be doing a TDS.
Our bank might have done a TDS on your fixed deposit.
Basically, there are certain transactions for which the payer will have to do a TDS i.e deduct the tax component from the payment he makes to you.
This concept is introduced so as to ensure that the receipent does not evade paying tax to the Government.
Checking TDS
How can we know that TDS happened?
The Income Tax Department has a dedicated website where TDS information is shown online.
To access this, you will need your PAN card.
The webpage is at https://www.tdscpc.gov.in/app/tapn/tdstcscredit.xhtml
Related Topics
- Long Term Capital Gains
- Tax on Dividend Income
- Tax on Bonds
- Tax on Fixed Deposits
- Filing Income Tax Returns
- Income-tax Return Forms or ITR Forms - Which form to use when?
- Income-tax Return Filing Due Dates
- Plan your tax payment and tax savings
- Saving tax under Section 80C
- Advance Tax - Who should pay? Due dates etc.
- Tax on receiving gifts
- Tax-free income
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