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Tax deduction at source (TDS) has come into existence with the motive of collecting tax from different sources of income. As per this concept, a person (Payer) who is responsible to make payment of specified nature to any other person (Payee) shall deduct tax at source before making payment to such person (Payee) and remit the same into the account of the Central Government.
India enforces withholding tax also on payments between companies and not just from companies to individuals, under the Tax Deducted at Source (TDS) system. (Since April 2016, the United Kingdom has discontinued withholding tax on interest and dividends, though in some cases this income will become liable for taxation through other means). [ 8 ]
In India, a Tax Deduction and Collection Account Number (TAN) is a 10 digit alpha-numeric number issued by the Income Tax Department to the persons who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961.
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California Democratic Gov. Gavin Newsom asked state lawmakers Monday for an additional $25 million in funding to cover the cost of legal battles he expects to have with President-elect Donald ...
NEW DELHI (Reuters) -Adani Group founder Gautam Adani responded for the first time on Saturday to allegations by U.S. authorities that he was part of a $265 million bribery scheme, saying that his ...
It is also possible to levy a tax on tax, as with a gross receipts tax. In economic terms ( circular flow of income ), taxation transfers wealth from households or businesses to the government. This affects economic growth and welfare , which can be increased (known as fiscal multiplier ) or decreased (known as excess burden of taxation ).
"People really didn't know about it until the end of last year," Miller said. "It was out there, but no one really knew much about it." Many of the state's small business owners still don't know ...