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Overview of TDS and TCS

Certainly! TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) are tax-related provisions in India, designed to ensure that taxes are collected at the source of income. Here’s an overview of both:

Who must submit e-TDS/TCS statements?

All persons responsible for deducting or collecting tax at source must submit e-TDS/TCS statements. This includes:

  • Employers who deduct tax on salary payments
  • Banks who deduct tax on interest payments
  • Individuals who deduct tax on rent payments
  • Companies that collect tax on payments made to contractors

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