Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / 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 |
Post New Answer View All Answers
WHAT ARE THE DOCUMENTS OR ANNEXURES TO BE ATTACHED WITH THE ANNUAL RETURN OF VAT UNDER HARYANA VAT RULES? LIKE BALANCE SHEET ETC..PLS TELL ME THW WHOLE DOCUMENTS
I m indian stundent. I complet my law degree. Now i want to go usa for further study. so how can i get usa visa? What are the chance to refused me?
Please explain me the latest rules of VAT for Andhra Pradesh like different vat rates, date of payment of VAT and forms of payment, Forms of VAT Returns and date of filing of such returns. Excise Duty present rate, date of payment and date of returns.
which perquisite is exempted from tax ?
How do you approach a technical problem? Give an example.
Bank wrongly cleared cheque which comes in clearing after request for stop payment by the saving bank account holder. Account holder repay 3 lac out of 11 lac withing 15 months. Now bank file case in DRT by charging intrest 18% to file case with the DRT. My question is whether bank can file case with DRT under DEBT act? Can Saving account holder can file case against the bank in counsumer court since he is paying amount in installment to bank even he prior request to bank not to clear this cheque.
Should the use of mobile phones be banned on public transport?
Would it be a good idea for there to be a minimum IQ for jurors in a trial?
if we have purchsed FMS/VKGUY or SHIS against C form entry tax is applicable on it in M.P.
I complete my online registration in BITM in 11 july 2016. zBut till now does not get any notification for placement,,,, when it call me for test.
What are the fundamental differences between US and British Law? What are the implications of this?
I am a medical student doing post graduation & receiving stipend of Rs.35000 pm. Am i supposed to register / enroll as a professional ? My professional tax is deducted directly from my salary as mentioned on the salary slip. but i got a letter from sales tax officer stating that i am penalized for not enrolling / registering ..... i am not able to understand this.
What are the penalties if the director of Company is bringing the cash of Rs. 10,00,000/- into the company for its preoperative expeses as unsecured loan.
whether Income tax has to be paid on the interst paid on deayed payment of gratuity as per sec.7(3) (a) of gratuity act,1972 of India
Sir, I got admission in medical college through management quota & I belongs to OBC category having caste,validity & noncreamy layer certificate,yearly income less than 4 lakh. shall I get admission fee concession & scholarship on caste basis
