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What is the difference between Advance Tax and TDS?
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Answer Posted / gsabyasachi
Advance tax attract usually before the closing of a
financial year, i.e., before 31.03.03. Company usually pay
tax ( direct/ indirect ) on monthly/quaterly basis after
ending of month or quarter. But before closing of financial
year Govt. needs revenue in way of tax well in advnace . It
is called Advnace Tax.
TDS , the full form is tax deduct at source, means against
rendering a service it attracts. such as contractor,
professional, agent etc , whenever Cos'make payment to this
venders , it deducts tax from these parties / venders and
deposited with Income Tax Authority and issue a certificate
to the concerned deductee as a proof of paying income tax.
| Is This Answer Correct ? | 56 Yes | 19 No |
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