Tax Deducted at Source (TDS) is an indirect method of collecting Income Tax. TDS is based on the principle of “Pay as you earn” which is beneficial for both the Government and the taxpayer.
Tax Deducted at Source (TDS) is a concept where a person making payment of specified nature is liable to deduct tax at source at a prescribed rate. This ensures continuous revenue for Government by way of Tax Deducted at Source.
The Payer making a payment is also responsible to deposit TDS with the Income Tax Department within a specified due date and file TDS Return. The payee can claim a tax credit of TDS deducted based on Form 16 or Form 26AS while filing ITR.
Sandbox provides you wide range of TDS APIs with which you can manage your payer, record salary/non-salary payments, deduct applicable TDS, add challans & file TDS return online.