Why we Deduct TDS?
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Under Income tax act, the Employer is responsible to deduct
TDS on salary of the employees etc. otherwise he is
liable. The tax is to be evened out during the year and
you cannot deduct TDS at the end of the year. In the
beginning itself, one has to assess the Income tax of the
employee after getting other details such as savings,
eligible deductions etc., and accordingly you have to
proportion out TDS every month.
It is direct income to Government.
| Is This Answer Correct ? | 80 Yes | 12 No |
Answer / pankaj sharma
Under Income tax act 1961 it is mandatory for the employer
to deduct the tds or to make a provision of tds for the
financial year depending on the asessee expected total
income for which tds needs to be deducted at source .
however if the assess does not fall under taxable assee then
he/she cantake refund of tds by filing a return.
but tds deduction is a liability in tha hand of the
employess otherwise deduction will not be available under
the head Business & profession to the employer............
this tds needs to be submitted normally before 7th date of
next month of paymnet of tds
| Is This Answer Correct ? | 43 Yes | 13 No |
Answer / d. k. gupta
Under the rule of Income tax department who will be
responsible to deduct the TDS !when the income and payment
are as under the deductable! if your salary is exceeding
from exemption of tax then your salary payment after tds
deduction and issue 16A certificate for this proof. there
are items for tax deduction at source : e.g.
Salary
Rent
Commission
Prof.and technical fees
interest
| Is This Answer Correct ? | 31 Yes | 10 No |
Answer / rupak karki
tds is simply a source to deduct tax.
we have two criteria one is for salaried income and other is non- salary income.
for salary income if a person exceed his exemption limit then employer have to deduct TDS and for that he'll issue form 16,
for non-salary there r many u can find mostly in section 194 of income tax, here also TDS must deduct but after exceeding some limitation and the deductr will issue Form 16-A.
24Q- is quarterly statement of TDS for salary income and
26Q- is for for non salary income and u can find all this in 26AS.
about payment against invoice we also deduct tds for example if i am a CA and i am giving consultancy to A company then i as a CA issue a bill and A co. will pay , at paying time the conultancy charges + S.tax= total then 'A' company will deduct TDS from total amount and balance will be paid to CA.
like
cons charges = Rs10000
S.tax@ 12.36%= Rs 1236
total= Rs.11236
TDS under 194-j @ 10%=Rs1123.6
amount paid to CA= Rs(11236-1123.6)
| Is This Answer Correct ? | 20 Yes | 3 No |
Answer / kumaran
am aksing question : if we are making payment against
invoice, but in invoice they have mention VAT or SERVICE
TAX means, what we have to do ?
pls reply....
| Is This Answer Correct ? | 14 Yes | 4 No |
Answer / venkata giri
As it is compulsory under the income tax act as it is direct
income to the govt.
| Is This Answer Correct ? | 19 Yes | 10 No |
Answer / narasimha murthy
tds means tax deducted at source it means who is getting
more than 15000 thousand per month compulsary deducted
tds for examples salaries , import items , and so and so
| Is This Answer Correct ? | 11 Yes | 6 No |
Answer / sabyasach paul
TDS is mandatory to deduct as per income tax act '1961 by
the employer for salaried person as well as other than
salaried person, subject to cross the threshold limit for
other than salaried person.
| Is This Answer Correct ? | 8 Yes | 4 No |
Answer / c.papalkar
When you exceed the limit of Examption e.g ( Tds on
Profession Fees is exampted upto 30,000/- during the F.Y
but when vendor transaction cross the limit under sec.194J
then you have to deducted 10% TdS on gross amount)Tds is
Direct income for Goverment for roling country. Tds
deductor provide 16A certificate as Proof otherwise we can
chek your TDS credit Details on NEDL site it's Means you
can Tally TDS Amount with 26AS.
| Is This Answer Correct ? | 6 Yes | 2 No |
Answer / kaushal
My question is : Why we paid t.D.S. In income tax and which benefits are given for paid t d s
Please reply
| Is This Answer Correct ? | 2 Yes | 2 No |
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