Law and Procedure of Compliance of Deduction of Tax at Source (TDS) & Collection of Tax at Source (TCS)
Author: Ram Dutt Sharma
In the present scenario, the provisions of the Income Tax Act relating to Tax Deduction at Source “TDS” are of immense importance when TDS collections account for almost 40% of total collection of Direct Taxes. TDS is a mechanism of collecting tax which combines twin concepts of “pay as you earn” and “collect as it is being earned.” It is one of the modes or mechanisms of collecting tax under the Income Tax Act, 1961. It facilitates the Government with a continuous flow of funds and at the same time, eases the burden on the taxpayer.
This book deals with all the legal aspects of Tax deduction at source and Tax collection at source under the Income Tax Law. It brings out all the essential aspects of TDS and TCS and will be of very great use to the all concerns. It will also be a comprehensive aid to all the concerns for understanding the complex provisions of TDS and TCS.
Each chapter provides the introduction, conditions and other requirements to be fulfilled. This book contains all aspects of Tax Deduction at Source (TDS) and Tax collection at source (TCS), the detailed scheme of TDS and TCS, various deductions under TDS and TCS, procedural compliances as well as consequences for noncompliance. In the end chapter tax rates of TDS and TCS have been provided for a ready reference.