- Deductor is the person who deducts tax at source (ABC)
- Deductee is the person whose tax was deducted.(Max)
Duties of Deductor
- Deduct TDS
- Deposit TDS
- File TDS Return
- Issue TDS Certificate
Duties of Deductee
- Issue Bill
- Collect payment
- Collect TDS Certificate
- Check TDS Deducted Online
- Adjust TDS with his Income Tax Liability while filing ITR
Difference between Income Tax and TDS
|
Income Tax |
TDS |
|
When we deposit our own Tax, it is called Income Tax |
When we deduct some other person tax and deposit it, it is called TDS |
Written on Feb. 28, 2018, 11:57 a.m.