14 July 2008
In general the term in itself suggests that it is the Tax Deducted at Source. As per the IT Act, it is obligatory on the part of certain persons making payments for Salaries, Contracts, Professional Fee, Rent, Commission, Interest etc and covered by certain other conditions of Sections 194A,C,D,H,I,J,!95,!92 etc, to deduct the Tax at Source at rates specified in this regard. Th e tax deducted is paid into the Government's account and the deductee receives credit of such tax in his income tax return.
CAclubindia
