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.

What elements of your job do you find most difficult

5724

---

what is Ratio Analysis ?

2294

---

give the details of overheads which are not included in costing

1912

---

What are the types of journal categories available in the Oracle AP?

2112

---

Interest earned on investments is an__________

2100

---

what is audit mean? what is vouching? how to finalize the account? what is the meaning of + cast < as per last year auditor’s a/c ^ as per ledger JV journal voucher PV payment voucher AJV authorised journal voucher APV authorised journal voucher RV receiving voucher PCV petty cash voucher CPV cash payment voucher DN debit note DO delivery order PO purchases order CN credit note PS policy schedule RPS renewal policy schedule B bill Cx cross check nCx cannot cross check CB cash bill L list/letter SRF stock requisition form R report OR office report INV invoice DS deposit slip AB assessment bill Re receipt ECF entertainment claim form ATRF air ticket requisition form

4096

---

what is the meaning of (PDD’s, DOD’s, CFR’s,) based on understanding of the business process

2301

---

Give me total Details of payroll calculation, payslip with examples.

2647

---

What type of question generally asked in Brokerage Firm ?

2761

---

Which entry we pass self entry like cash withdraw for ourself

1592

---

I KNOW THAT INSURANCE CHARGES ON PURCHASE OF VEHILE (LIGHT/HEAVY VEHICLES)HAS BEEN CAPITALISED OR NOT.?

1906

---

Please share different type of Z report

1324

---

what is account & what is finance

2202

---

What is revaluation of assets.when it occurs

2213

---

Expand-------URM

1936

---