.. Define the terms TDS and draw Flowchart of TDS with explanation
Answers
Answer:
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Explanation:
Tax Deducted at Source or TDS is a means of collecting income tax in India.
The provisions related to TDS are governed by the Income Tax Act of 1961. The law states that any permissible payment shall be paid after deducting prescribed percentage as tax - usually over a range of 1% to 10%.
The individual who receives the payment net of TDS (also known as the Assesse) is required to file return stating the TDS deducted and paid to government during over the relevant period.
Where is TDS applicable?
TDS is applicable on the following transactions:
Transfer of certain immovable property other than agricultural land
Payment to a contractor / sub-contractor for carrying out any work
TABULAR DATA STREAM (TDS) :-
- An application-level protocol called the Tabular Data Stream (TDS) Protocol is used to convey requests and responses between clients and database server systems. In these systems, the client and server often create a stable connection.
- TDS messages are used to communicate between the client and the server after the connection has been made using a transport-level protocol. If necessary, a database server can alternatively function as the client, in which case a different TDS connection must be made. The TDS session is directly linked to the transport-level session, which means that when the transport-level connection is formed and the server gets a request to establish a TDS connection, the TDS session will also be established. Until the transport-level link is cancelled, it continues.
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