What is the difference between Advance Tax and TDS?

Answer Posted / kumar

TDS is a form of Advance tax only.
Difference is TDS is deducted by payer and deposited in
Govt. exchequer. Advance tax is paid by peson after self
assessment of tax.

Is This Answer Correct ?    31 Yes 8 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

We have a constructed a goverment approved textile park in year 2007. will we have to pay Service Tax on that Construction Service?

1449


is there any necessity to file TDS to purchase a thing even ater paying vat

1589


Our company refundable ST amount but we dont want to refund amt but i want to adjust that refund amount anywhere

1807


In TDS Challan, i had written the TAN No of my company wrongly and i file it to the Govt. what can i do now? is there any problem reg this? wat is my next step? shall i give any letter to TDS Circle in this regarding? how can i approach them? Kindly help me immdly with the procedure.

2125


what is cost taxation

1542






I am working at Himachal Pradesh, let me know cant i adjust entry tax in vat? if no then why or yes, please exlain.

1681


The Depreciation Rate for Heavy Equipments like cranes (used in the construction of bridges, flyovers etc ... ) is 30% as per the companies act. If i buy a crane for Rs. 10 Lakh and claim depreciation the cost of the crane in the 2nd year is 7 Lakh and in the 3rd year it is 4.9 Lakh and in the 4th year it is 3.4 Lakh ...... Can i re-value the crane in the 5th year to the 2nd hand market price of Rs. 20 Lakh and claim depreciation on it @ 30% ? (Cost of crane in 6th Year now is 20 Lakh - 6 Lakh = 14 Lakh )

19788


What is the procedures for withdrawing of form C?

1768


we are getting materials from outside the state and issuing form c to a local party, since the local party is consignee agent of party who sends the materials. what is name this type of transaction? is issuing form c correct and proper? please reply

1534


In the Balance sheet of a company you see the following details, Liabilities: Provision for tax - AY 2008-09 RS 200000 AY 2009-10 RS 300000 AY 2010-11 RS 200000 Assets: Advance Tax- AY 2008-09 RS 150000 AY 2009-10 RS 300000 AY 2010-11 RS 200000 On 15-03-2011, the assessment order for AY2008-09 was received and the final tax liability was stated to be RS 250000. Pass the journal entry for the closing of the relevant accounts in the books for the AY 2008-09.

1440


I have doubt on Input VAT & Output VAT (incoming vat / outgoing vat) I have a HMS software, where we have interface to tally erp. When we import the transactions to Tally from HMS (Hospital Management System) All the purchases what we do for a period, the tax paid on these purchase are showing as out going vat. Similarly when we do the sales of those purchased items through HMS, tax collected from customer is showing as incoming vat. Is these are correct terms what they had mentioned in HMS? Please help me out.

5425


which items should be covered the Entry Tax by HP Govt instead of Purchased

1439


Rules for filling Income Tax return for a MNC?

1637


If i want to change a proprietor concern yo a partnership concern. do i have to pay full tax on every product i have in stock or just simple make a partnership deed and apply a new pan card and register in sale tax department ?

1604


What is Vat and how it is adjustable with input vat and what return form required for DVAT?

2003