Question: what is the basic meaning of TAX deduction at source, and service tax, can i also know bit more about payroll, i want to know about the tds and servce tax in particularly basic meaning only , actually i am searching fot he results to work out with ACCG PACKAGE TALLY 7.2 RELEASE3, ALIITLE MORE INFORMATION regarding payrolloption in tally7.2 release 3

Answer: TDS-Tax Deducted at Source. \nSource means here - the source from which the income is arrived. \n\nSuppose, you have FDR in bank - ( there are some different rules regarding tds- for int from fdr with co op bank. ) and you derive income of interest on those bank fdr for more than Rs. 5000/- per year. The Bank will deduct tax from the interest payable to you. \n\nThat amount so deducted will be paid by the bank to Government. and will issue TDS certificate to you, which can be used by you against your payable tax amount at the time of filing I T Return.
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