TDS Full Form | Full Form of TDS

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Tax Deducted at Source

TDS is one of the tax collecting method used in India. It’s governed under the Indian income tax Act 1961 and managed by Central Board of Direct Taxes (CBDT).
It is a part of department of revenue managed by Indian Revenue Service ( IRS ).
In the company, the Company's employer collects taxes from their employee and send it directly to the income tax department.
This tax must be deposited in treasury of Indian Government within a specified time.
There’s not a regular rate of deduction for this tax. It’s going to be ranged from 1% to 30% or more, depending on the entity on which it's applicable.

Deductor and Deductee are two identities involved in the process of TDS

Deductor and Deductee

Deductor :
- The deductor may be a person or an organization who is responsible for deducting the money (taxes) before the payment is created.
Deductee :
- The deductee is the person who is liable to pay the tax or from whom the tax is deducted.