what is withholding tax? when we use withholding tax?
what are the procedure in steps for calculating tds plz
tell me about all........
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Answer Posted / felix ade
Every employee or worker is obligated to pay tax, and the
government has empowered every employer to deduct certain
percentage of its employee's salary on its behalf. Therefore
Withholding tax is the amount of money deducted from an
employee's salary to be remitted to the government account.
TDS (Tax Deduction Statement): TDS is the statement or the
analysis of the money or tax deducted from employees over a
period of time. It is a document prepared by the employer
for the government.
Surcharge: This is the fee that is payable to the government
by an employer for keeping the money/tax deducted from its
employees over a period of time.
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