Reduce Tax On FD Gains, Adjust Income Tax Exemption Limit With Inflation, Says CBDT Ex-Chair

TDS was introduced in 1961 with four categories: salaries, interest on securities, dividends, and payments to contractors. Over time, it has expanded to 40 categories of TDS and 13 versions of TCS.

Despite this expansion, most TDS revenue comes from a limited number of sources, such as salaries,…