income tax is wider term means it is an act 1961 under the
central board of direct tax act & the tds( tax deducted at
source) is a tax which paid by an employees from his
salary to the employer & the employer will deposite the
amount of tax ( tds) to the income tax department
Income tax is statutory payment against Income chargable by
income tax act 1961 by an assessee. TDS is a deduction from
his income at a specific rate as per rule of income tax act
and this deduction will be adjust from the actual tax
payable by the assessee against incmme at the time of
filling of return. Likely to say that TDS likea provision.
If the tds is greater than tax then balance will be
recoverable and vice versa.
I have received a cheque from customer and i deposited into
the bank next 4-5 days cheque has been bounced by the bank.
Pls tell me what is reverce entry in the tally for cheque
bounced and which option i will enter in journal or payment
Salary . is it direct exp or indrect exp.