CrunchBase(0.00 / 0 votes)Rate this definition: Aras. Aras is a suite of open source Product Life Cycle Management (PLM) software solutions that run on a model-based SOA application framework.
What is a 'Tax Deduction'. A tax deduction is a reduction in tax obligation from a taxpayer's gross income. Tax deductions can be the result of a variety of events that the taxpayer experiences over the course of the year. Tax deductions are removed from taxable income, also known as the adjusted gross income, and thus lowers the taxpayer's overall tax liability.
The full form of TDS is Tax Deducted at Source. Thus, when someone deducts tax at appropriate rate at the time of making payment, then the amount deducted is known as tax deducted at sources. One of the most often case for such TDS is the deduction of the tax on the interest paid on Fixed deposits to you by all banks.C) Rules for Deduction of TDS on interest paid / accrued: As per present income tax guidelines, banks are required to deduct tax at source (TDS) on deposits if the total interest earned on all your fixed deposits / recurring deposits in a bank (at all branches of the bank) is more than Rs.10,000 in a financial year.