Reliable And Quick Solution on TAX & TDS

Tax Deduction Source is abbreviated as TDS which is a mean of collecting income tax in India. This tax deduction process is held under the Income Tax Act of 1961. This process is managed by Central Board of Direct Tax. Person deducting the tax is known as deductor and the person whose tax is being deducted is known as dedicatee. Recipient of income receives the net amount (after deducting TDS) which may be in the form of cash or cheque or credit in payee’s account.

The payee does not need to pay tax if he gives investment proof to his employer for claiming deductions and his total taxable income.

A Provident fund is a compulsory, government-managed retirement savings scheme similar to the Social Security Program. Workers contribute a small amount of their salary and even the company shares an amount on behalf of the worker which can be utilized by the employee for future use.

The Government in 1952 established for the benefit and welfare of the employees.

Employees Provident Fund is one of the major platforms for savings for all the people who are working as an employee.

Companies which have employee strength of 20 or more are required to be registered with PF Department. In case there is any delay, some penalty will be charged on the same.