Interested to Buy Any Domain ? << Click Here >> for more details...
wate is the TDS
- 5 Answers
- 9925 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 information is included in a bill for services?
when re ordring quantity is 300 unit.minimum usage is 20unit minimum lead time is 5 days , maximum stock 400 unit , re - ordering will be: 1)300 unit 2)200 unit 3)400 unit 4)100 unit
If we don't use Contra Book, instead which book is to be operated CASH BOOK or BANK BANK for: e.g.Cash withdrawl from Bank or Cash deposited in Bank
What is purchase returns accounting
what will you achieve for the company if you are employed to work
2 Answers ABC, Al Hamra Fort Hotel, Anglo Platinum, Hotel Jobs, Marriott, Total,
get fixed assets items
How we change the Opening Stock or Closing Stock of any item in tally?
Why SAP Fico module is given more importance than Tally & other softwares
What is rate & taxes in Accounting. when we make a journal entry like rate & taxes debit & party credit. So i want to guide me consider for rate & Taxes.
what is account reconcillation
what should by the journal entries for tds payble
A sole trader run a business, and he takes every month fixed salary, he says this salary should not be affect in profit and loss a/c, he wants this salary transfer to his capital a/c, means he wants increased his capital - My question is as per the accounting system is it possible?
Audit 
