What is TDS & why it is deducted?
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Answer / mahesh babu
TDS Means Tax Deduction Source.we are deducting on payments
under Income tax Act 1961.
This Income Tax Instruction's:
1.we need to see the catagory.
2.we need to see the limit in that F.Y
3.If exceed's that limit we need to deduct the tax and etc.
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / chalam
Tax deducted at source . 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.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / raja
TDS - MEANS TAX DEDUCTED AT SOURCE
IT IS DEDUCTED FOR THE PAYMENT (SALARY) MADE TO THE EMPLOYEE
BY THE EMPLOYER AND
IT IS DEDUCTED BY THE CO., FOR THE PAYMENT MADE FOR RENT,
ADVERTISEMENT AND TO THE CONTRACTOR'S PAYMENT ETC.
BUT THE MUST PAY THE DEDUCTED AMOUNT TO THE GOVT. AS PER THE
INCOME TAX ACT.
WITHOUT ESCAPING FROM THE TAX PAYMENT GOVT. INTRODUCED THIS.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / priyanka
TDS is tax deducted at source, also called TCS means tax
collected at source. We the people have been given a duty
to be performed by the govt. to deduct tax when we made a
payment for any service. But TDS is not deducted on every
service. The services on which tax is to be deducted are
given in Income tax act. This is a source of revenue for
the govt. But the rates for tax deduction are also
different for different types of services and it is also
necessary that the income on which tax is deducted should
cross the given limit, which has been given in Income Tax
Act.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / sairam.1685
HI THIS BALA.TDS MEANS TAX DEDUCTION SOURCE.IT IS DEDUCATE
FOR SAVING OUR TAX
| Is This Answer Correct ? | 4 Yes | 4 No |
Answer / raghavendra
TDS Means Tax Deducted at source . which needs to deducted
as per Income TAX AcT 1961 . TDS will be deducted on basis
of volume and as per different rates mentioned in the Income
tax act. TDS certificate need to be given to the Party after
deducting the Tax .
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / vinay srivastava
TDS is stand for tax deduction at sources. it is a way of
collecting tax by the govt. TDS is collected by the buyer
from the seller on the behaf of govt. buyer deduct some
amount of tax form the seller's payment and rest amount of
payment paid to the seller. and amount of tax is paid to
the govt.
for example. a employer pay salary to it's employee after
deduct the some amount of tax from his salary.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / bkb
Tax deduction at source.It is a central govt. and direct tax
It is deducted because it is govt. policy for which assesee
will declair his incom.
| Is This Answer Correct ? | 1 Yes | 3 No |
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