TDS Introduction

Course overview

Uplatz provides this comprehensive course on TDS (Tax Deducted at Source). It is a self-paced course consisting of video lectures. You will be awarded Course Completion Certificate at the end of the course.

As per the Income Tax Act, 1961 every person or company making a payment of certain kind above a specified threshold limit is required to deduct tax at source. The full form of TDS is Tax Deducted at Source.

The tax is to be deducted based on the provisions specified in the Act. The company who is deducting tax at source is called deductor and the person or company who is receiving the payment after the deduction of tax at source is called the deductee.
TDS needs to be deducted by a person or company making specified payments under the Income Tax Act for which TDS is required to be deducted. However, no TDS is required to be deducted if the person or company making the payment is an individual or HUF whose books are not required to be audited, except in case of rent payment.
TDS simply stands for tax deducted at source that is where the income gets generated. As per mentioned in the income tax act, a person who makes payments is required to deduct TDS at prescribed rates and deposit the same with the income tax department. The amount is adjustable by the tax department against the tax liability of the person or entity (identified by its PAN number) whose tax has been deducted.

TDS is deducted as per the income tax rate for a particular financial year. TDS can be deducted from salaried employees, freelancers, commission payments etc.