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what is tds
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Tax Deduction at Source
Generally companies Deduct this tax from Contractors
as per the govt rules of income tax act.
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Answer / vishu.u.s
TDS ( Tax Deducted at Source ) is the amount of Tax deducted from the payment of some expenses or fee by the payer of such expenses.The nature of payments comes under TDS and the rate at which it is deducted is mentioned in Income Tax Act 1961.
Examples of such Payments : Salary, Interest, Professional Fee,Payment towards winning from Lottery, Cross word puzzle, card games etc.
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My income for the current year from Hiring Earth Moving Vehicle to a contractor will be 250000/-my total savings are 125000,payment of my childrens tution fees will be 35000 So mine will be below taxable income .Pl let me know whether there is any chance to escape from TDS obligation.If so Pl let me know the procedure
Calculate debtors at the end of the year? debtors-50000, bad debts-2000, discount allowed-1000, 5% on bad debt, 2% discount allowed?
0 Answers OPI Global, Patra Corporation,
I raised a service tax invoice against a client on which i charged service tax and without receiving any sum from client a deposited service tax on good faith but now client refuses to pay sum . so please, tell me what should i do.
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Sir, We purchased coal from NCL on CST basis. An incentive is paid on the basis of performance basis of NCL. NCL Raise there incentive bill for Rs. 1000+CST2% Rs.20 Total Rs. 1020/-. But As per Our Calculation, Incentive bill should be Rs. Basic 900+18 (CST)total Rs. 918. We argue and disputed and paid only Rs. 918/- . After Some time they also agree that incentive amount should be Rs. 900+CST but Now they revised the bill like this Basic Incentive Rs. 900+CST Rs.20/- (Original Tax value). And now they are demanding C for with CST 20/- but our pleas is that we are not liable for the mistakes made by the NCL and will issue C for for Rs. 18 Only. Now They are demanding C for for difference of Rs. 2 of CST. My Question is what should be the actually value of C form for CST ie. Rs. 18 or 20. considering the fact that we accounted only rs. 918/- in books and disputed is resolved after one year for basic value.
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1. How to calculate vat @4% on a bill which also suffers Service Tax @ 10.30%. ie. Whether i hav to calculate on the basic or on the sum of Basic + service Tax. kindly clarify in this regard immdly. because som part of people says it sholud b calculated on the basic, another part of people says it should be calculated on the sum of Basic + Service tax.... 2. when we deduct TDS for the invoice? ie. In the invoice which suffers Vat & also Service tax or the invoice which suffers only Service Tax? Kindly clarify me immdly.
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If some service provider gives a bill having service tax. say cost of service is Rs 100, He is adding 12.36% sevice tax. Total comes 112.36. we have to deduct TDS @ 11.33%. On what amount we should deduct TDS? (on 100 or 112.36 )
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