Interested to Buy Any Domain ? << Click Here >> for more details...
wate is the TDS
- 5 Answers
- 9773 Views
- LG Soft, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / sridhar k
Tax deducted at source is one of the modes of collecting
Income-tax from the assessees in India. Such collection of
tax is effected at the source when income arises or
accrues. Hence where any specified type of income arises or
accrues to any one, the Income-tax Act enjoins on the payer
of such income to deduct a stipulated percentage of such
income by way of Income-tax and pay only the balance amount
to the recipient of such income. The tax so deducted at
source by the payer, has to be deposited in the Government
treasury to the credit of Central Govt. within the
specified time. The tax so deducted from the income of the
recipient is deemed to be payment of Income-tax by the
recipient at the time of his assessment. Income from
several sources is subjected to tax deduction at source.
Presently this concept of T.D.S. is also used as an
instrument in enlarging the tax base. Some of such income
subjected to T.D.S. are salary, interest, dividend,
interest on securities, winnings from lottery, horse races,
commission and brokerage, rent, fees for professional and
technical services, payments to non-residents etc.It is
always considered as an Advance tax which is paid to the
government when we are being paid for provision made by us
in the form of products or services.
A tax deductor has to apply for Tax Deduction Account
Number or TAN and this number is a unique identification
number for person deducting the tax. A tax deductor is also
required to issue TDS certificate to the deductee within
specified timed under section 203 of the I T Act
| Is This Answer Correct ? | 9 Yes | 0 No |
What is Fund Flow and how to prepare that?
what are the tricks in posting trial balance ?
Can CPF share given by govt. added in the Financial gross salary while calculating Total gross salary at the end of Financial year.For eg: My gross salary is Rs.X during a Fin. year & govt share of CPF is Y then Total Fin. Year gross salary is =X+Y,is it correct?
what is stock split up
Contents of an Invoice receipt
what is service tax
WHETHER WE CAN BOOK ALL PRELIMINARY EXPENSES, INCLUDING ACCESSORIES RELATED TO PURCHASE OF A NEW VEHICLE TO CAPITAL EXPENDITURE?
What is the difference between P&L account and Balance Income & Expenditure account ??
Three goals you wish to achieve in the next 5 years
Bank account comes under Real or Personal ?
How many accounting standards are currently published?
WHAT IS THE MEANING OF R.T.G.S USING IN A BANK.
Audit 
