Given below are two statements :
Statement I: Tax deducted at source (TDS) is a means of collecting income tax in India.
Statement II: TDS is only applicable to salaried individuals and not to self-employed individuals.
In the light of the above statements, choose the correct answer from the options given below:
1
Both Statement 1 and Statement 2 are correct.
2
Both Statement 1 and Statement 2 are incorrect.
3
Statement 1 is correct, and Statement 2 is incorrect.
4
Statement 1 is incorrect, and Statement 2 is correct.