{"id":9046,"date":"2013-04-22T11:33:25","date_gmt":"2013-04-22T11:33:25","guid":{"rendered":"http:\/\/vskills.in\/certification\/tutorial\/?p=9046"},"modified":"2024-04-12T14:14:34","modified_gmt":"2024-04-12T08:44:34","slug":"tax-deducted-at-source","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/tax-deducted-at-source\/","title":{"rendered":"Business Accounting Tutorial | Tax Deducted at Source"},"content":{"rendered":"
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Go back to Tutorial<\/a><\/p>\n\n\n

Tax Deducted at Source<\/strong><\/h3>\n

Let’s learn about Tax Deducted at Source<\/p>\n

TDS (Tax Deducted at Source) A.Y. 2012-13<\/b><\/h4>\n

According to Indian\u00a0Income Tax\u00a0Act there are some specified payments against which tax is to be deducted at the time of payment or at the time of accrual, is called Tax Deducted at Source. Tax is being deducted by the person who pays the money at prescribed rates and deposited with the authorities within stipulated period.<\/p>\n

The purpose of deduction of tax at source is to bring more persons in to net of income tax. The rules for income tax deduction at source have been framed in such a manner so that tax evasion can be controlled. However, if the income of any person is not taxable and the tax has been deducted at source, he can claim for refund against the tax deducted at source from income tax department after filing the annual income tax return.<\/p>\n

Who is liable to deduct tax at source?<\/b><\/h4>\n

Following persons are liable to deduct the tax at source:<\/p>\n

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  1. All Individuals (Including sole-proprietorship concerns) and HUF,\u00a0who are not covered under tax audit, shall deduct TDS against all the specified payments\u00a0except.<\/li>\n<\/ol>\n