TDS Full Form is Tax Deducted at Source. TDS is the revenue collected at the source of income. According to Income Tax Act – 1961, this is a form of income tax collected in India. The revenue generated by TDS is controlled by Central Board for Direct Taxes or CBDT, as CBDT is a part of the Revenue Department. TDS plays a crucial role during audits. One has to pay TDS on selective types of incomes such as immovable property, on rent, on contracts, on certificates etc.
Other types of income which require TDS include; interest on deposits or bonds in banks, winning lotteries, winning horse races, paying salary to employees, and more. The amount deducted for TDS varies depending on the government and the type of income that is involved. The Income Tax Department expects individuals to file deductions on prescribed forms every quarter within the given due dates.
To run the country efficiently the Government needs funds. These are collected from the people through various means like income tax, sales tax, and other similar sources. TDS or Tax Deducted at Source is one of the ways through which the government gets tax, as it is related to income tax.
TDS Full Form – Additional Information
It is a well-known fact that many people avoid paying income tax. Thus, the Government loses a lot of revenue. However, through the system of TDS, the tax is deducted efficiently at the origin of income like the sale of property, getting interest on deposits or commission in trade etc. So before the entire amount is paid to the receiver, the giver deducts the tax amount variable from 1% to 10% as the case may be, and deposits it with the Government. The remaining amount is paid to the receiver with a certificate of the TDS paid.
For example, during the sale of the property, the buyer cuts the TDS from the amount to be paid at the rate of 10% and then after depositing it with the Government, obtains a certificate for the tax paid. This along with the remaining payment is handed over to the seller and the deal is complete. Since the generation of income was through sale, the TDS is cut at that very point. This is as good as Advance Tax and any attempt at bypassing the payment of TDS is an offense by law.
What are the categories that need TDS?
As per Income Tax law, any person getting income from any of the below-mentioned sources is liable to pay income tax that is usually deducted at source of income itself. This tax that is cut instantly is known as TDS. It is mandatory payment from:
- Salary paid to you at the workplace.
- Interest on debentures / securities and dividends
- Payment to a contractor
- Winning from horse race gambling
- Winning from crossword puzzles / card games / lottery or any other similar game
- Commission obtained from sale of lottery tickets / insurance, etc
- Sale of immovable property with the exemption of rural agricultural land.
- Rent of machinery and plant
- Rent of building / fittings / land / furniture etc.
- Remuneration or royalty paid to a Director
- Professional and technical services fees
All these categories have different rates of TDS applicable. They range from 1% to maximum of 30% as in the case of income through gambling (races, lottery etc). Nonetheless, there are exemptions for defined minimum limit of income in every case. Over and above that limit, the income is liable to TDS. The TDS is always deducted by the payer on behalf of the payee and the amount is credited to tax department of the Government.
Is the TDS Refundable?
Tax Deducted at Source (TDS) is a form of Direct Tax obtained by Income Tax department on behalf of the Government. Usually, it is calculated at the origin of income and charged to the taxpayer. However, sometimes it exceeds the exempted slab of income and thus excess tax is paid. Under such circumstances, the payee can claim a tax refund by filing returns form. The actual tax paid by the payee is then considered as against the tax benefits that were entitled to him. Then after filing his income returns, the payee can demand a refund of the TDS that has been deducted. It is either refunded in full or part thereof, after final calculations of the returns filed.
Just like a person is required to have a PAN or Permanent Account Number, the person who deducts the tax is supposed to obtain a TAN or Tax Deduction Account Number. This number is to be quoted in all documents related to TDS. There are conditions under which TDS is not required to be paid. For example, in the case of dealing with immovable property, there is no TDS applicable till the value of rupees fifty lakhs. If the property transaction value exceeds this limit, then TDS is charged.
Consequences of not paying TDS
As per Income Tax Law, it is mandatory to pay a tax on any source of income that a person has. The Department of Direct Taxes ensures that these taxes are collected conveniently in advance directly from the source of income to avoid any tax evasion. However, there are people who try to bypass this procedure and request the payer to pay the full amount without cutting the TDS.
This is considered as a crime and the payer as well as the payee can come in trouble due to this. The Tax Department has a right to demand the tax from the payee and if he fails to comply, then a penalty can be levied or it can be treated as a crime punishable by up to seven years in jail.
Taxes are collected by the Government to add to the reserves of the country so that the money is utilized for the betterment of the country. However, if one tries to forgo the taxes it is like cheating the Government and incurring losses. Under certain cases, there can be interest charged on unpaid tax amount. Thus to avoid the penalties and punishment it is advisable to pay the TDS and if you feel that it is overpaid, then claim for a refund.
How to save TDS
There are many circumstances when TDS can be saved. If your income is below taxable limit, then if the TDS is getting from your fixed deposit interest, then the bank can be requested to waive off TDS by submitting Form 15G or Form 15H. The former form is for general public, whereas the Form 15H is for Senior Citizens above the age of 60 years. Similarly, TDS can be saved on deposits made under HUF (Hindu Undivided Family). Such deposits are eligible for tax benefits.
TDS on interest is applicable if it exceeds rupees 10,000 in the financial year. The higher interest is obtained on a bigger sum of deposit. However, if you break the deposit in smaller amounts and spread it in different banks, then it is easier to save on TDS due to lower interest input every year.
In order to save TDS cut in salary, the employee can request the employer to give a break-up of travel allowance, medical bills as well as meal allowance so that the gross taxable amount is reduced considerably because of tax exemptions on these categories. If it helps in bringing the salary down to the threshold limit, then there are chances that TDS can be waived off. As honest and diligent citizens of India, it is every individual’s duty to pay taxes on a regular basis. However, under present high expense living age if one can save a few bucks, then it is really helpful.
TDS Full Form: Total Dissolved Solids
Full Form of TDS stands for Total Dissolved Solids. TDS is a calculation of the constitutive content of substances, whether organic or inorganic, those are gathered in a liquid in various forms. Those various forms are molecular, or granular suspended form of various sizes. The TDS is also understood in its functional aspects: solids concerned must be of a size small enough to withstand filtration with the help of a filter, having two-micrometer pores.
These types of solids are usually studied in respect of freshwater environments because salinity involves ions of TDS. It is to be understood that when we study water quality for systems like a lake, stream, and lakes, TDS is taken into account irrespective of the fact that it does not constitute a portion of major pollutants in water systems.
Let us discuss briefly various sources of TDS: runoff from agricultural and domestic households; soil contamination, run-offs from sewage treatment units, etc are the primary sources. The common chemicals found in these sources are calcium, sodium, phosphates, chloride, potassium, and nitrate, which may be in a form of cations, anions, and molecules.
Full Form of TDS: The Daily Show
TDS Full Form stands for The Daily Show. Famously known as The Daily Show with Jon Stewart (between 1999 and 2015) and The Daily Show with Trevor Noah (2015 onwards), refers to one of the most popular American late-night talk shows based on satirical genre. The show airs regularly, each on Monday on the channel Comedy Central and on the channel The Comedy Network in Canada.
The TDS is a self-proclaimed fake news program that makes satirical comments on latest news or controversies that have brought heat on social media. The news or controversies may be related to political, media organizations, or often itself. The entire comical representation of the show has made it one of the most watched talks shows and it is especially popular among young audiences.
According to the famous survey giant, Pew Research Center, about 74 % of the viewers are between the ages 18 and 49, with about 10% of the audience watch the show for news headlines. Despite several criticisms relating to the show especially those pertaining with criticism on Stewarts weak, unimpressive interviews with politicians, the show is a major hit.
The show was premiered on July 21, 1996, with Craig Kilborn, who was eventually replaced by Jon Stewart, who became the host from January 11, 1999. For quite some time, the show focused its content on political issues circulating in media and this was especially during Jon’s tenure.
TDS Full Form: Tenancy Deposit Scheme
Full Form of TDS refers to Tenancy Deposit Scheme. Also known as the Tenancy Deposit Scheme (England and Wales), is a statutory scheme that forms a part of the provisions contained in the United Kingdom Housing Act 2004. Under the same Act, every landlord or letting agent that obtains deposits over an “assured short hold tenancy” (a default class of residential tenancy prominent in England and Wales) must mandatorily join the Tenancy Deposit Scheme (hereinafter referred to as TDS).
The purpose of introducing the TDS is because of a common practice of landlords to ask the tenant to deposit a certain amount when the tenancy begins. This deposit is taken as an assurance in cases where tenant causes damage to property in one way or the other. However, there have been cases where landlords do not return the deposits at the end of the tenancy. This practice was unregulated until the United Kingdom Housing Act 2004 came up with provisions to control such unscrupulous activities.
There are three companies are authorized by the United Kingdom government to operate tenancy deposits. The three schemes are The Tenancy Deposit Scheme, which provides insurance; Mydeposits, which is again an insurance providing scheme and the Deposit Protection Service, which is a custodial scheme.
Full Form of TDS: Tabular Data Stream
TDS Full Form stands for Tabular Data Stream. It refers to a protocol that is application based. This protocol is used to transmit data from a database server to a client and vice versa. Sybase Inc. has originally created the TDS for the purpose of Sybase SQL Server Relational Database engine in the year 1984 but later it was developed by Microsoft for the purpose of its Microsoft SQL Server.
The creators at Sybase acknowledged that there was a lack of an application based protocol. So when it came to promoting its products, the company conceptualized an idea where a pair of libraries known as netlib and db-lib were used for the implementation of a standard form of SQL. An additional library was also incorporated into the protocol, which was known by the name blk, which was used to implement bulk copy.
In the year 1990, Sybase came into an agreement with Microsoft wherein the latter would market the protocol as Microsoft SQL Server. The TDS technology is not usually open because they are regarded as proprietary technology, with the only exception was TDS 5.0 used by Sybase, for which open documentation is available. This State changed when Sybase came into agreement with Microsoft.
TDS Full Form: Telephone and Data Systems, Inc
Full Form of TDS refers to Telephone and Data Systems Inc. TDS is a public company based in Chicago. It is primarily a telecommunications company that facilities services in areas relating to wireless, and large distance telecommunications, broadband, and others. Its services cover about seven million customers from across 36 states.
It extends its services with the help of its business units, TDS telecom, and the United States Cellular. This telecommunication giant started off as a small, rural company in Wisconsin in the year 1969. However, with time it grew stronger and larger and eventually founded its own subsidiary, the United States Cellular, in the year 1989.
Full Form of TDS: Tripod Data Systems
TDS Full Form stands for Tripod Data Systems. It is a tool for making your handheld devices compatible with rough, intense environment. The purpose of this technique is to make a handheld devices function in the most rigorous environment without technical hassles. The TDS helps in ensuring proper functioning in devices. The TDS offers many products pertaining to Military, Sports, recreational facilities, Forestry, Environment, Food Services, etc. Its products are often used for Nikon Total Solutions, Survey pro, and other big brands.
TDS Full Form: Thermal Desorption Spectroscopy
Full Form of TDS stands for Thermal Desorption Spectroscopy. TDS is another name for Temperature Programmed Desorption (TDP). It refers to a methodology used in assessing desorbed molecules from a surface when the surface temperature rises. There is controversy regarding the name TDS because many scientists and scholars believe that this is a not a method involving spectroscopy.
Let us understand desorption for greater appreciation. Whenever molecules come into direct contact with a surface, they are absorbed into it. This causes reduction of the molecular energies due to the formation of a bond with the surface. The energy with which molecules bind is called as binding energy and this energy varies with the characteristics of the surface. When the surface is heated, there comes a point when the energy transferred into absorbed molecules will cause them to desorb. The temperature at which such activity happens is called the desorption temperature.
In order to calculate TDS, a mass spectrometer is needed like a quadruple mass spectrometer or a time-of-flight mass spectrometer. The mass spectrometer has the characteristic of calculating many masses simultaneously and the intensity of each mass calculated is obtained as a TDS spectrum. The PID control Algorithm is responsible for regulating the heating process.
TDS Full Form: Texas Disposal Systems
Full Form of TDS refers to Texas Disposal Systems. Waste collection and management is an essential task for every nation, fighting with pollution that has gripped the world. Proper disposal mechanisms are immediately required for proper collection and management of the waste without much prejudice to environmental needs. There have been many attempts to ensure proper, robust disposal systems and one such is Texas Disposal Systems, which is also known as the TDS.
The TDS was established by two brothers namely, Bob and Jim Gregory. These two determined brothers started off with this ambitious project with meager financial resources and one truck. With its unflinching determination, the TDS has grown to become the largest independently run solid waste disposal company in Texas and is among one of the largest such companies in the United States. The TDS has developed itself into a strong company with several branches spread throughout the nation. It has branches at Saint Antonio, Georgetown, Alpine, Sealy, Weimar, etc. It runs a TDS landfill, which is located in Travis County, that functions as solid waste disposal mechanism.
The TDS landfill is the first of its kind in the state, being the first completely integrated operational facility. The TDS has also initiated the Texas Organic Products (TOP), which was massive scale composting operation. The TDS has expanded its reach by means of many acquisitions. It acquired Garden-Ville in the year 2001 and made it a retail center for the purposes of compost products generally used by professionals and gardeners.
Full Form of TDS: Technical Diagnostic Services
TDS Full Form stands for Technical Diagnostic Services. TDS is a service provider that engages in the Electrical Equipment industry. It also provides assistance to projects by providing from its lot expert field engineers, testing know-how, and electrical equipment necessary to satisfactorily complete the project. The credibility enjoyed by TDS is immense because it has more than 20 years of experience, which in itself is a big factor.
It has large experience in giving services pertaining to technical skills and consulting expertise. It provides electrical equipment from manufacturers like Fluke, Megger, Emerson, Doble, etc. The TDS runs the TDS Testing & Start-up Services that provides many career opportunities to engineering and expert technicians.
TDS Full Form: Tokyo Disney Sea
Full Form of TDS stands for Tokyo Disney Sea. Anything that is Disney is magical and beautiful and so are Disney-themed parks that captivate hearts of not only young but also adults. So this article will discuss a Disney theme park, the Tokyo Disney Sea, which is also known as TDS.
The TDS is a Tokyo-based theme park situated at the Tokyo Disney Resort. The park is located in Urayasu, Chiba, Japan. The TDS is owned and operated by The Oriental Company that licenses Disney characters and themes from the Walt Disney Company.
It is one of the most visited theme parks in the world, with an estimated 14 million persons visiting in the year 2013. It is the fourth most visited theme park in the world and also wears the crown for the fastest reach to 10 million guests in merely 307 days after its opening.
The park is based on the theme “exploration, nautical, and adventure” and it achieves this purpose by bringing implementing Disney characters and colors into the park. It is inspired by the Southern Californian theme park “Port Disney” in Long beach, California, which had the RMS Queen Mary as the center of attraction.
Full Form of TDS: Travel Document Systems
TDS Full Form stands for Travel Document Systems. TDS has provided services to many professional and individual international travelers in respect of quick visa, passport, and other documenting needs.