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TDS on Payments made to Transporters The Finance Act 2015 has made vide amendment, applicable with effect from 01.06.2015, to the section 194C (6), whereby TDS has been made applicable on payments
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TDS on payments made stands for Tax Deducted at Source on payments made. It is a tax deducted by the person making the payment at the specified rates before making a payment to the receiver.
Any person or entity making specified payments like salary, rent, commission, professional fees, interest, etc., is required to deduct TDS and file TDS returns.
To fill out TDS on payments made, one needs to obtain a TAN (Tax Deduction Account Number), deduct TDS as per specified rates, issue TDS certificates, and file TDS returns.
The purpose of TDS on payments made is to collect tax at the source to avoid tax evasion and ensure a steady flow of income to the government.
Information such as TAN number, PAN of the deductor and deductee, details of the payment, TDS rates applied, and other relevant details must be reported on TDS on payments made.
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