Tax Collected at source
Taxes

Tax Collected at source

Tax Collected at Source or TCS is a direct tax implemented by the seller on the buyer of certain goods. TCS is an income tax collected according to the provisions mentioned under Section 206C of the Income Tax Act, 1961. TCS is applicable on the purchase of only certain specified goods mentioned in the Act.

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TAN | Tax Deduction and Collection Account Number
Taxes

TAN | Tax Deduction and Collection Account Number

TAN is a 10 digit alphanumeric number. Its abbreviation is Tax Deduction and Collection Account Number. This number enables the responsible person for deducting tax at source or collecting tax at source. This is number is issued by the Income Tax Department.  All most all not for profit organisations and profit organisations need to pay TAN. Failure to pay Tan may lead to fine up to Rupees 10,000 according to Section 272 BB of Income Tax Act. Individuals who are salaried do not have to pay TAN.

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TDS Filing
Taxes

TDS Filing

TDS means Tax Deducted at Source. It is the tax which is deducted from income, interest on securities, rent payment, payment of commissions etc. The full form of TDS makes its meaning quite clear that TDS is such type of tax which is deducted at the very source of it. For example, if a bank has to pay a certain amount of interest to a person who has an account in that bank, then the person is going get such interest with a deduction of a certain amount, that deduction will be the TDS. In this example, the deductor is the bank and the deductee is the account holder. Deductor has to file this TDS to the Govt.

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TDS  Deduction Rules in India
Taxes

TDS Deduction Rules in India

TDS or Tax Deducted at Source is income tax deducted at the source of income i.e. by the person or organization making the payment. Following are the rules regarding deduction of TDS applicable in India

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What is TDS (Tax Deducted at Source)?
Taxes

What is TDS (Tax Deducted at Source)?

Tax is a compulsory contribution to state revenue, levied by the government on workers income and business profits, or added to the cost of some goods, services, and transactions. Technically it is a strain and burden on the people. In India Income Tax Department a government agency supervise tax collection by government of India. This is under department of Revenue of Ministry of Finance. The bottom line is that taxation should foster equal distribution of resources.

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