Answer / h.r. sreepada bhagi

TDS (Tax Deduction at Source) - It refers to deduction of
Tax at Source under a taxation Law (Income Tax, Sales Tax,
etc) from the amounts paid or payable(credited)to a service
provider, supplier or any other party in respect of any
income due or paid to them as per the provision of a
particular Act. In specific reference to Income Tax in
India, these are covered under various sections like Sec
192, 194, 195, etc.

Income is the tax payable by the assesses (Individuals,
Companies, Firms, etc) to the Central Government under the
Income Tax Act, 1961 in India. TDS can be reduced from the
taxes payable by the assessees for the relevant assessment
year. They need to receive and preserve the TDS Certificate
from those who have deducted taxes from the amounts due or
paid to them towards the income received or receivable.

Answer / madhukar

TDS IS TAX DEDUCTION AT SOURCES TDS IS AMT WHICH WE DEDUCT
FROM CONTRACTOR -SUB CONTRACTOR & PROFESSIONALIST PERSON OR
CONSULTING AGENCIES ETC AND THEN WE RETURN TO GOVT. TDS WILL
REFUND AFTER 2 YEARS

INCOME TAX IS DEDUCT FROM EMPLOYEE ETC.

Answer / ravindra

"T.d.s means tax deducted at source from the salary "
"income tax is a direct tax which is paid to the govt on
the income earned by the assesse for the relevent assesment
year"
the expenses is of two types
1.allowable exps 2 dis allowed exps
out of total income earned by the assesse in previous year
the income of an assesse can be defined after considering
the allowable exps in to consideration the income of the
assesse - allowable exps can be regarded as income tax
payable to the dept on slab or flat basis

"if any modifications pls be free to post new answers thank
you"

Answer / ravindra

T.D.S IS THE TAX DEDUCTED BY THE EMPLOYER AT SOURCE WHERE AS
INCOME TAX IS THE TAX WHICH IS LEIVED ON THE INCOME EARNED
IN A FINANCIAL YEAR PREVIOUS YEAR WILL BE TREATED AS ASSESMENT
YEAR TOTAL INCOME IN A YEAR -ALLOWABLE EXPS GIVES INCOME
EARNED IN A YEAR

Answer / chhotan kumar

Tds is a type of direct tax. It is deducted from different ways. TDS deducted from Rent, building , contractor, professional etc at different percentage.

Income tax a also a type of direct tax it is deducted from earned profit by business.

Answer / shamli

TDS-
TDS is Tax deduction sourse it is deduct from vendor & it
is a Expenses of company.TDS will be refund after 2 years.

Income Tax -
Income tax deduct from emplyee & employer Income.income tax
not refund.

Answer / sandeep

tds is tax diduction source it mean this tax diducted in
interst,profesion liners,royalty etc
and income tax diducted in the business incomes

what is tds tax and what is vat use in tally ?

2 Answers  

Which form we use for depositing Service Tax

4 Answers   ABC,

Wat are the heads in Taxation?

4 Answers   OPI Global,

In wct limit is Rs.5lac if vendor provide bill below 5lac wct will applicable or it aggregate I need deduction of wct 5lac slap

0 Answers   NSCI,

what is waybill ? when we supplied a machine to Gujarat from Hyderabad they asked waybill. How it is different from consignment note?

2 Answers  

Timings / Months when the advance tax shud be paid For Domestic companies?

2 Answers  

what is the rate of TDS for rent of the company

9 Answers   Syntel, Wipro,

Tall me Current tds Rate

5 Answers  

We are Interior Decorators in Chennai,Tamilnadu. I would like to know the vat applicable for us 14.5% or 5%. We supply the material and do the works at the sites itself.

0 Answers  

what do you mean by tds

6 Answers   Oyster Learning,

hi, When we post vendor down payment by the t-code f-48 the TDS line items are not flowing when i am simulating it.there may be some error in configuration.please help me.

1 Answers  

how to calculate tds on salary

1 Answers