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
i am a phrma gratuate.currently working in pharma sales for last 2 years. but have no production exp. in future in have a plan to start for a production unit of otc(over the counter) product but not yet specified. now my query is that WHAT ARE THE CRITERIA FOR OPENING A PRODUCTION UNIT?
A man holds a gun up to your head and says "shoot your father or I'll kill you both". You then shoot. Are you guilty of murder?What about if he had said "shoot your father or I'll kill you".Finally, what about it he had said "shoot your father or I'll kill him".
suing social services health service and social security
insider trading
Help, what is a district court administrator's role and responsibility?
What do you mean by Prelimnery Expenses ? How do you Account for? Can it be Written Off? How?
Hi i am a canadian my wife has PR card but wife can't speak english properly.i am thinking to go us for visit with my wife.my qus.is can i go to embassy with her when she got the interview date? Thank you.
Where does honesty fit into Law?
What is the difference between the House of Lord and House of Commons? Which has more power?
Diffrent sportsmen are endorsing diffrent products and they have endorsement agreements for this. Now at what rate the tds should be deducted by the company on the amount of payments msde to sportspersons for endoresements?
which constitution is more stable? rigid or flexible.
Are the Sub-contractors are exempted from paying of Service tax where main contractor is exempted.
ist necessary to issue form c for the interstate purchase when the rate of tax is 1% all over india weather it is sold locally or other state for bullion. iam a registered dealer.
You will be required to attend community meetings throughout the month. Are you available to attend these meetings that occur after/before regular business hours?
hi,,i m preparing for junior assistant in supreme court.i want to know the book for preparation which contains general english, general apptitude and general knowledge questions.
