TDS is an acronym for Tax Deducted at source. As per Income Tax Act, any company, HUF, LLP or individual carrying business/profession is liable to deduct TDS and deposit the same to the Government according to rates specified by government from time to time.
The person deducting the TDS is known as deductor and person receiving the payment after getting TDS deducted is known as deductee. It is responsibility of deductor to deduct the TDS before making payment to deductee and deposit the same to the Government.
For deducting TDS, deductor needs a unique ten digit alphanumeric number known as Tax deduction and collection account number /TAN number. After deducting TDS, deductor needs to file quarterly return with Income Tax Department with the details of transaction that has taken place.
We at helpurstartup.in provides support for getting TAN number and filling TDS returns.