Answer Posted / ramya

TDS means Tax Deducted at Source. The concept of TDS was
introduced in the Income Tax Act, 1961, with the objective
of deducting the tax on an income, at the source of income.
It is one of the methods of collecting Income Tax, which
ensures regular flow of income to the Government.

Example:
If a company is making the payment towards Rent to the
owner of the building, it is required to deduct the tax on
the income (i.e. before payment to the owner), at the
source of income.
TDS Process
A seller (Deductee) provides services to the buyer
(Deductor).
The buyer deducts the Tax at the time of payment of
advances or while accounting the Bills
received.
The buyer deposits the deducted amount to the designated
branches of the authorised
bank
The buyer issues Form No.16A to the Deductee
The buyer files annual returns electronically to the
Income Tax department.
The seller files returns, along with Form 16A claiming the
credit of the Tax deducted at
source.

Time & Mode of TDS Payment
All the Tax deducted during a month are to be paid to the
credit of Government on or before
7th of the next month. In case 7th of the month happens to
be a sunday or a bank holiday
payment can be made on the next working day
TDS amount shall be paid to the government account through
any designated branches of
the authorised banks, along with Income Tax Challan No.281.
In case of collections made by or on behalf of the
Government, the amount shall be credited
within the time and in the manner aforesaid without the
production of a challan.

if you fix salary to some body for Rs.10000/- what are the segregations to be done and what are the deductions to be done (segregations like basic, da,ta,conveyance etc., how ? what percentage what speaks law) and deductions what are those like, pf,esi,pt, etc., what ever

2058

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Prepare a trial balance from the following :- Particulars Amount Particulars Amount Rs. Rs. Purchases 8225 Premium on lease 1200 Wages 1025 Loan on mortgage 2500 Sales 12450 Plant & machinery 2000 Arun's capital 13500 Provisn for doubtful debts 300 Stock on 1/1/98 1500 Sundry debtors 16550 Salary 410 Trade charges 200 Rent & taxes 162 Bad debts 200 Sundry creditors 2572

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How the sub ledgers(AP, AR) integrate with GL liability and receivable

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I have a existing Oracle applicttions and need to bring one of the new business on it. The new business will use GL, AP and FA. We will use existing COA. This business will have 3 sets of books (1- tax book, from April to March; 2- Primary book, from July to June; 3- Reporting book, from July to June); All books will have same currency; HOW DO I TRANSFER DATA FROM PRIMARY BOOK INTO TAX AND REPORTING BOOKS EVERY MONTH OR ON WEEKLY? IS THERE ANY STANDARD ORACLE PROCESS WHICH CAN BE SCHEDULED? THE REPORTING BOOK WILL HAVE DIFFERENT DEPRECIATION METHOD SO HOW DO I NOT TRANSFER DEPRECIATION FROM PRIMARY TO REPORTING BOOK AND DO SEPERATE DEPRECIATION IN REPORTING BOOK FOR THE SAME ASSET THAT IS ALSO IN PRIMARY AND TAX BOOK?. HOW DO I APPROACH ON SETTING THESE NEW SETS OF BOOKS? Thanks, KK

2121

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What is the rule on a school who will be handled by anither school? How do I calculate the royalty per year to the school who will supervise a new school

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What is Compliance?

2151

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what are Equity shares,Preference shares,Bonus shares,Bond,Debentures,Dividend?

4918

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difference between contra entry and double entry?

3112

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HOW CALCULATE ADVANCE TAX ? PLEASE EXPLAIN IT ?IN CASE OF FIRM, IF WE PAID FIRST INSTALMENT OF ADVANCE TAX.

2077

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What are events occuring after the balancesheet date?

2218

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If i want to establish a company in which i want to manifacture and sell the Wine. So how many permissions i have to taken and who will issue those?

2238

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What is the journal entry for Call and a Put option both in the books of buyer and seller

9875

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what are valuation accounts?

2035

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after directing tally 9 to calculate interest as per 30 day option basis on a loan account.........,it still calculates interest as per calender month when checked on to display>statements of accounts>interest payable in tally 9 ...where is the error?? how to correct the function.

2406

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Short Answer on __________Revenue

1957

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