Answer / jayadevvarma

TDS is Tax Deduction at Source

Assessee pays tax in the assessment year on the income
earned in previous year . Due to this rule the tax
collection is delayed till the completion of the previous
year . Even some times people conceal their income and the
tax is mot paid at all . In order to overcome these
problems, government started deducting some amount of tax
from the amount . Whichis receivable by the assessee .The
amount of tax so deduvted is called as "Tax Deducted at
Source".
It is one of the methoding of Collecting Tax.

Answer / rabindra mallick

TDS means "Tax deducted at Source"
It is part of income tax deducted by deductor on behalf of an assessee at a periodical basis & deposit the same on Govt account at timely basis.

It reduces the ultimate tax burden of an assessee.

Under which head depreciation will come?

4 Answers   OPI Global,

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Beginning Balance, Dec. 31, 20xx Creditable Income Tax 211,829.00 Income Tax Payable (132,808.00) > Balance 79,021.00 ITR (1st Quarter) - Jan. 31, 2016 - Mar. 31, 20xx Normal Tax (30% of Taxable Income) 2,205.02 MCIT (2% of Gross Income) 7,865.71 Aggregate Income Tax Due (Normal Tax vs. MCIT whichever is hihger) 7,865.71 Less: Tax Credits/Payments Prior Years Excess Credits 79,021.00 Creditable Tax Withheld - 79,021.00 Tax Payable, per return (71,155.29) What should be the entry in my book to record the above transactions? Thank you!

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I made donation which is covered u/s 35 (1)(ii)

3 Answers  

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what is the rate of tds below 60, if salary is rs. 20000.00 & 25000.00 and how to calculate.

1 Answers  

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Can we take input tax credit on purchasing of table and trolley for business.....

1 Answers   ABC,

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what mean by tds on vat?

3 Answers  

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What are the accounting entries to be passed for TDS if person who is assessed is a Firm (or) Proprietorship (or) Company (or) person? Eg: I (CDE & Co) paid Rs. 1,00,000/- through ICICI Bank after deducting 10% of the amount (Rs. 10,000/-) as TDS (Tax Deducted as Source) to “ABC & Co” (i would like to know the entry to be posted in "CDE & Co" and "ABC & Co")

1 Answers  

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how to fill tds monthly form i.e. form 281?

1 Answers  

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The party has raised service bill for Rs. 120000. The TDS deductor company made TDS on Rs. 100000 i.e., Rs.20000 is deducted on the gross bill of Rs 120000. My question is whether to deduct TDS on Rs.120000 or on Rs. 100000?

5 Answers  

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Ina earth work excavation and filling work , wct is applicable?

1 Answers   AVM Associates,

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Who is an assessee?

0 Answers  

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Timings / Months to file TDS return?

0 Answers  

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