Budget 2015-16: Rationalisation of provisions relating to tax deduction at source (TDS) and tax collection at source (TCS)
Under Chapter XVII-B of the Act, a person is required to deduct tax on certain specified payment at the specified rate if the payment exceeds the specified threshold. The person deducting tax (the deductor) is required to file a quarterly Tax Deduction at Source (TDS) statement containing the details of deduction of tax made during…