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What is TDS ?
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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.
| Is This Answer Correct ? | 13 Yes | 1 No |
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.
| Is This Answer Correct ? | 2 Yes | 0 No |
Our Company dedduct TDS on the collection charge and claim (rate diff claim, scheme claim, collection charge means , if any party take material directly form our store our company give them frieght charge and deduct tds@10.30%). my question in what category of this type of TDS decution ? is it payment to contractor or what ?
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