In India, for the purpose of income tax, there is “Pay as you earn scheme”. As per such scheme, every person is required to pay tax through TDS/ TCS and advance tax, during the year only, in which the income has been earned.

The rates of TDS are pre-determined and specified in the Income Tax Act, 1961. The aim of TDS is to collect tax from the very source of income. For resident individuals, TDS is required subject to …

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