CA ANSHUL JAIN

  TDS (Tax Deducted at Source) is the Mechanism of Tracking the transactions among payer and payee. TDS is also one of the modes of collection of taxes. The concept of TDS envisages the principles of the "Pay as you Earn" scheme also known as withholding tax in many other countries.   The person responsible for deducting TDS is termed as Deductor/Payer and the person who receives the payment after-tax deduction is termed as Deductee/Payee.     As per the provision of Section 200, Deductor is responsible to perform some duties: 1) Obtain TAN (Tax Deduction Account Number) ·          TAN is a 10-digit alphanumeric number. The provisions of section 203A contain the requirement of obtaining TAN. ·          However, a person required to deduct tax under following sections can use PAN in place of TAN as such person is not required to obtain TAN. 194-IA Payment on tran...