TDS or best known as Tax Deducted at Source is one of the modes of collecting Income-tax from the assessees in India. This is governed under Indian Income Tax Act, 1961, by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue managed by Indian Revenue Service (IRS), Ministry of Finance, Govt. of India.
In this episode of “eLagaan Whiteboard Friday”, the eLagaan (http://elagaan.com ) team explains various factors you should know to understand TDS. The video will talk about what is TDS, why TDS was created. What is TAN number. Defines major categories of TDS, how to calculate it. When to make the TDS payments, file TDS returns as well as when you can get TDS refunds. Also it talks about consequences of not deducting proper TDS and what NRI’s should know about it.