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 |
when company issue c form to the seller it has to issue full amount of purchases or it has to deduct the 2% of cst amt Ex; purchase for rs.10000/- which includes 40 cst we have to issue c form for rs.9960 or we have to issue for rs.10000/- which one is correct
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