TDS(TAX DEDUCTED AT SOURCE)
TDS means Tax deducted at Source. It is the amount withheld from payment of various kinds such as salary, contract payment, commission, etc. This withheld amount can be adjusted against your tax due.
TDS Certificate:
The person deducting tax at source is required to issue a certificate of TDS to the payee. This certificate enables the payee to get the credit of TDS in his return of income (ITR). You can see all your TDS credits in form 26AS by logging in Income Tax Site.
There are two types of TDS certificate:
- Form 16: For TDS from salary. This is issued annually.
- Form 16A: For TDS from other than Salary such as payment to professionals (CS, CA, Engineer, etc. This is issued quarterly
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