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.
Full form of TDS and TCS are Tax Deduction Source and Tax Collection Source respectively. TDS is the tax which is deducted for the parties by the company and its an expense for the company. TCS is collected by the company from otherâs and it is an income for the company.