Answer / surbhi

TDS is indirectly source of collecting income tax. which have a different types nature of payment i.e, salary, rent, interest on securities, cross word puzzle, lotter tickets etc. Deductors responsibilty for pay the TDS behalf of Deductee.

Answer / srinivasulu

Nothing is as tangled and knotty as the TDS provisons.
While some TDS rates are specified in the individual
section which deal with the tax treatment of the particular
stream of income, some rates are included as part of a
separate schedule. To make matters worse, these rates get
tampered and modified every year. This result in so much
chaos and confusion, that sometimes those who have to apply
TDS, do not have a clue about what rate to use. Imagine the
plight of tax payer.

The genasis of the problem lies in the complicated nature
of the tax laws. The authorities complain that less than 2%
of our population actually pays taxes. However,
simpliflying the provisions is not viewed as a possible
solution. On the other hand, in an effort to bring more and
more people into the tax net, the lawmakers simply endup
complicating the law. And the rule is simple more the
complexity more the room.

TDS is final tax payable- at the time of filling his
returns, the assessee pays the balance if any or asks for
refund, as the case maybe. Ergo, it behooves the Department
to have a standard uniform rate -convenient both for itself
as well as the taxpayers.

The most unfortunate part is that we could have easily done
away with any TDS provided the deparrtment had good
infrastructure to apprehend assessees avoiding tax only
through TDS.

Types of payment, relevant provisions, person responsible
for deduction of tax and type of payee.

Rates For TDS In India.

TDS Return.

Tax Deduction Account Number (TAN).

How To Deposit In TDS.

Exemption From TDS.

TDS Exemption For Individual.

Certificate Of Deduction.

No Objection Certificate In TDS.

Special Cases In TDS.

Can anybody tell when sbh dispatches appointment letters for Clerical for people completed medical and scrutiny of documents on 15/08/09?

0 Answers   State Bank of Hyderabad SBH,

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Income Tax Department sends cheque for INR 2 Crore as Refund after completion of Assessment for A.Y.2011 - 2012 to a Company. As per IT Return filed for this year I.T. due to Government was INR 60 Lac but was assessed at INR 70 Lac. TDS due to Company was INR 3 Crore which was admitted as INR 2.7 Crore by Government. Government also adjusts Tax dues for A.Y. 2009 - 2010 of INR 40 Lac which was disputed earlier by the Company and Appeal was lying with the CIT. Government pays Interest to the Company amounting to INR 40 Lac. Provision for Income Tax made by the Company in its accounts for F.Y. 2010 - 2011 (A.Y. 2011 - 2012) was INR 50 Lac. What would be the Journal Entry at the time of receipt of Refund of INR 2 Crore from the Government in A.Y. 2014 - 2015 in the books of the Company?

0 Answers  

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Sir, we have a machinery manufectred plant and now we want to ragistration in service tax what is the procedure for this pls help me in detal . we have ecc no. and tin no. already

1 Answers  

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how to prepare a MIS report

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what is mergers and acqusitions? what is holding company?

2 Answers   Brigade,

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What is Holding co.

2 Answers  

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What are the factors that come under general office administration especially if it the industry type is Software,BPO,Telecoms and constructtions?

1 Answers   NCR, Telecom,

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what is software?

3 Answers  

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what is meant by TDS

2 Answers  

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i have cleared c.s inter. for the purpose of training i want to know the companies who are providing training of c.s in punjab state.please help me in this.

2 Answers  

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I have completed by Msc in biotechnology will i be eligible for this SBI P.O position?? or it is only for people who did CA/CS/economics and so on...

1 Answers   Accounting, State Bank Of India SBI,

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Benjamin O'Henry has owned and operated O'Henry's Data Services since its beginning ten years ago. From all appearances, the business has prospered. In the past few years, you have become friends with O'Henry and his wife. Recently, O'Henry mentioned that he has lost his zest for the business and would consider selling it for the right price. You are interested in buying this business, and you obtain its most recent monthly unadjusted trial balance which follows: O'Henry's Data Services Unadjusted Trial Balance November 30, 20XX Cash……………………………… $9,700 Accounts receivable……………………… 7,900 Prepaid expenses………… 2,600 Furniture, fixtures, & equipment 151,300 Accumulated depreciation $15,600 Accounts payable………… 3,800 Salary payable……………… Unearned service revenue 6,700 Benjamin O'Henry, capital 137,400 Benjamin O'Henry, withdrawals 2,000 Service revenue………… 14,300 Rent expense…………… Salary expense………… 3,400 Utilities expense……… 900 Depreciation expense Supplies expense…… Total…………………………………………. $177,800 $177,800 Revenues and expenses vary little from month to month, and November is a typical month. Your investigation reveals that the unadjusted trial balance does not include the effects of monthly revenues of $2,100 and monthly expenses totaling $2,750. If you were to buy O'Henry's Data Services, you would hire a manager who would require a monthly salary of $3,000. The most you would pay for the business is 20 times the monthly net income you could expect to earn from it. Compute this possible price. The least O'Henry will take for the business is his ending capital. Compute this amount. Under these conditions, how much should you offer O'Henry? Give your reason. I have the mathimatical part ok , please give reasons on how much and why I they would offer him the amount.

3 Answers  

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