Function Code in TDS

Tax Glossary Definition

Function Code in TDS

A function code in TDS is a unique code used to classify the type of Deductor or the section under which tax is deducted. It helps the Income Tax Department track TDS payments and ensure proper allocation. TDS Return Filing for Businesses requires accurate reporting of such details to maintain compliance and ensure that TDS payments are correctly recorded and processed.

Example: Function Code 94C is used for TDS on payments to contractors

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