short note (text) on tax deduction at source
- 3 Answers
- 17533 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / n.g.h prasad
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 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
| Is This Answer Correct ? | 26 Yes | 2 No |
Answer / sandeep goel
A tax deductor has to apply for Tax Deduction 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
| Is This Answer Correct ? | 10 Yes | 1 No |
Answer / geetanjali paudwal
Tax deducted at Source is applicable to all types of incomes
,specified services etc. it is provisional payment made to
the government. TDS is deducted from income of salary,
interest, dividend, interest on securities winning from
lottery, hourse race , commission on brokerage, rent, fees
for profession, payment to non-resident. It is always
consider to Advance tax. Every assessee has a TIN number and
it is neccessary to file TDS Return if it is in case of
income is not applicable to charge on TDS or income is nil.
Every assesee which has to registered only those assessee
has to receive the TDS Certificate.
| Is This Answer Correct ? | 5 Yes | 1 No |
Is it necessary to deduct return goods from invoice amount to get c form issued ? Will we be penalized if we have got C forms issued for the total invoice amount without deducting return goods
Do you know the Law of Demand?
I faced a case : One person "P" registered for a plot amounted to almost Rs 400000 to a real state company, XYZ. But XYZ is unable to provide the plot even after 2 years. So they are returning back the money along with the interest. Interst amount is almost Rs 66000. XYZ company is deducting the TDS from the interest. Are this company is doing right by deducting the TDS from the interest income? The profile of person Case 1 : P is a student and don't have any income. Case 2 : P is earning more than 10000 pm if interest income is included.
1)SALE IN TRANSIT U/S 6(2) OF CST ACT .IF ONLY C FORM IS FILED BUT E1 IS NOT FILED WHAT IS THE RATE OF TAX. 2) DEALER (XYZ) FROM BANGLORE PURCHASE GOODS FROM OTHER DEALER (KLM )IN BANGALORE . WITHOUT TAKING DELIVERY SELLS THE GOODS TO BOMBAY DEALER . CAN XYZ CLAIM EXEMPTION BY PRODUCING FORM C& E1 U/S 6(2) OF CST ACT
In case of exempted employees under the PF ACT, does the employer need to contribute minimum of Rs. 780?
What is Excice Duty? where is used of excice duty ?
how computation of tax for toll naka will be done
what is the retirement age of an Ex-Military man?
Company incorporated on 23-09-2010, So what is the amount required to pay under Professional Tax for the company for the year 2010-11, When yearly payment is Rs 2500 p.a
Your client is determined to take a case to court even though you believe he has no chance of winning and have advised him strongly not to do so. What do you do?
why are you want comein in lic
hi ,this is salman from hyd.my brother in law is working as court master in high court hyd.he didnt have atleast common sense.he and his family always wants to complete her demands for silly things.they are making silly things as a big issue.i dont understand what to do? if i lodge any complaint he would know better ipc section to escape because he is working under high court judge.kindly suggest me a good solution to live my sister life happy for ever.my email id is sallumia143@yahoo.com
-
Law AllOther (806)
