What is TDS (Tax Deducted at Source)?

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What is TDS (Tax Deducted at Source)?

TDS is a means of collecting income tax in India, under the Indian Income Tax Act of 1961. Any payment covered under these provisions shall be paid after deducting prescribed percentage. It is managed by CBDT and is a part of the revenue department by Indian Revenue Service. It has the most important while conducting Tax Audit. Assessee required to file quarterly returns to CBDT. Returns states the TDS deducted  & paid to the government during the Quarter to which it relates.
Entrepreneurs who start their new business have to apply for TAN.  TAN stands for Tax Deduction Account Number or Tax Collection Account Number, it is 10-digit alphanumeric number issued by the IT department. Every person who is liable to deduct tax at source or collect tax at source is required to obtain TAN.
TAN number is mandatory for filling  TDS return and TCS returns, challans and certificates whether filed in paper or electronic format. A single TAN is sufficient for all types of deduction be it interest, property, salary etc.  

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