TDS : Tax Deducted at Source
Banking
What is the full form of TDS?
TDS stands for Tax Deducted at Source.
TDS is one of the expense gathering strategies utilized in India. It is administered under the Indian Income Tax Act 1961 and oversaw by the Central Board of Direct Taxes (CBDT).
It is a piece of the branch of income oversaw by the Indian Revenue Service (IRS). In an organization, the Company's manager gathers charges from their work and sends them straightforwardly to the personal duty office.
This expense must be saved in the depository of the Indian Government inside a predetermined time. There is anything but a uniform pace of derivation for this duty. It could be gone from 1% to 30% or more, contingent upon the substance to which it is appropriate.
Deductor and Deductee are two personalities engaged with the cycle of TDS:
Deductor: A deductor is an individual or an organization who is answerable for deducting the cash (charges) before the installment is made.
Deductee: The deductee is the individual who is at risk to cover the duty or from whom the assessment is deducted.
Suggestions:
| Acronym | Full Form |
|---|---|
| ADB | Asian Development Bank |
| ATM | Automated Teller Machine |
| CBI | Central Bank of India |
| ECS | Electronic Clearing Service |
| ESI | Employees' State Insurance |
| HDFC | Housing Development Finance Corporation |
| HSBC | Hong-Kong and Shanghai Banking Corporation |
| ICICI | Industrial Credit and Investment Corporation of India |
| IDBI | Industrial Development Bank of India |
| IFSC | Indian Financial System Code |
| INR | Indian Rupee |
| IRDA | Insurance Regulatory and Development Authority |
| NEFT | National Electronic Funds Transfer |
| PAN | Permanent Account Number |
| PO | Post Office |
| PO | Probationary Officer |
| RBL | Ratnakar Bank Limited |
| RTGS | Real-Time Gross Settlement |
| SEBI | Securities and Exchange Board of India |
| SIDBI | Small Industries Development Bank of India |
| UCO | United Commercial Bank |
| IBPS Clerk | Institute of Banking Personnel Selection Clerks |
| IBPS PO | Institute of Banking Personnel Selection Probationary Officer |
| IBPS SO | Institute of Banking Personnel Selection Specialist Officer |
| IBPS RRB | Institute of Banking Personnel Selection Regional Rural Banks |
| SBI Clerk | State Bank of India Clerk |
| SBI PO | State Bank of India Probationary Officer |
| SBI SO | State Bank of India Specialist Officer |
| RBI Recruitment | Recruitment Reserve Bank of India Recruitment |
| RBI Grade B | Reserve Bank of India Grade B |