Question

_____ is required for tax deduction at source

Answer 1

Answer:

As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department.

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Answer 2

TDS (Tax Deducted at Source) is a type of income tax that is lowered when a certain payment is received, such as rent, salary, commission, interest, professional fees, and so on.

• If the amount paid exceeds a specific threshold, the Income Tax Act compels any firm or individual to deduct tax at the source.
• Taxes must be paid by anyone who gets a payment.
• TDS may have been implemented to lessen the risk of income recipients evading taxes.
• A good taxpayer, on the other hand, has several advantages.