What is TDS
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Answer / 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.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / vikas
tds is a tax deducted at soures
an empolyee recvied asalery above 10000 per month the
empolee under the tds resours.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / saurabh singh
TDS is known as TAX DEDUCTED AT SOURCE. TDS is a liablity
of the comapny and to be paid 7th of the next month. for
example company has deduct tds on rent Rs.5000/- on
28.09.10 then comapny is liable towards the deductee to pay
TDS certificate and Tds should be deposited till 7th Oct 10.
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Answer / kahan
TDS menas Tax Deduction Source, in company sides this will
be useful.and TDS is very useful in high level salaries.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / mahesh
TDS means Tax Dedecuted at Source. If you provide service
or working in any concern, the company liable to deduct tax
instead of employee. If you are a service provider,
receiver should deduct TDS as per TDS act (ie as per 194c,
194I, 194D). If employee, deduct tds based on your salary.
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Answer / shiv shankar
TDS is tax deduction at sotece
TDS is applicable on various types of transactions viz.
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Answer / nunna ramakrishna
DEAR SIR I AM NUNNA RAMA KRISHNA I AM STADYING FROM M.B.A
I DON'T KNOW ABOUT TDS(TDS FULL FORM OF TAX DEDUCTED
SOURCE...)
WHAT IS TDS AND HOW TO USE OF EMPLOYEE SALARY & HOW TO USE
OF COMPANY PLEASE SEND ME MY E-MAIL ID SIR...
I WILL BE WAIT FOR YOUR ANSWER...
THANK YOU SIR.......
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Answer / jahnavi koganti
tds stands for tax deducted at source.
person liable to deduct tax are assessees who are employers.
The tax is deducted by the employer and is remitted to the
government before the employee receives the salary.The rates
of tax are according to rates mentioned in partIII of the
finance act.
the responsibility of deduction of tax falls on the
employer,if not deducted he is liable to pay interest for
the period delayed.The employee may be a resident or a
non-resident.
In foreign countries this kind of tax remitted at source
is called withholding tax.
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