Under the Income-tax Act, 1961, certain individuals or entities are required to deduct TDS for payment made towards salary, professional fees, contract payments, commission, rent and royalty, among others. TDS is also applicable on investments, such as interest earned on fixed deposits, post office deposits, and so on. The rates of TDS are fixed under the Act. The entity deducting TDS is called the deductor, while the company or person from whom it is deducted is called the deductee.
Know The Basics
TDS is applicable on salary, interest income, brokerage, professional fees, commission, purchase of goods, rent, and investment, among others.
Form 16 and Form 16A are varieties of TDS certifications.
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