TDS is refers to Tax Deducted at Source. TDS means filling, Return and Due Dates . It is basically a part of income tax. It has to be deducted by a person for certain paymets made by them . It is introduced with an Aim to collect Tax from the various source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person(deductee)shall deduct tax source and remit the same into the account of the central government. How much is a TDS on a firm ? what is the rate of TDS under section 194 C-TDS on contractor ? The payer is required to deduct TDS at 1% in case the payment is made to an individual or HUF , and 2% if the payment is made to any other person.
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