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Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (422)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (157)
 Taxation interview questions  Taxation Interview Questions (1892)
 Accounting General interview questions  Accounting General Interview Questions (2781)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4351)
Question
What is the difference between Advance Tax and TDS?
 Question Submitted By :: Arijit Roy
I also faced this Question!!     Rank Answer Posted By  
 
  Re: What is the difference between Advance Tax and TDS?
Answer
# 1
Advance tax is paid in between financial year on the basis
of income and expenses on companies turnover that arrive (
i.e. before march ). It is just for safer side company makes
the advance tax payment and at the time of return file
balance tax have to made.

TDS have to pay as an when deducted.
 
Is This Answer Correct ?    76 Yes 17 No
Naina Jain
 
  Re: What is the difference between Advance Tax and TDS?
Answer
# 2
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 ?    39 Yes 15 No
Gsabyasachi
 
 
 
  Re: What is the difference between Advance Tax and TDS?
Answer
# 3
Thank You all for the answers 
Is This Answer Correct ?    11 Yes 11 No
Arijit Roy
 
  Re: What is the difference between Advance Tax and TDS?
Answer
# 4
the tax which we paid before in financial means before
31.03.2008 its called advance tax


tds in short form tax deducted at sources it is collected
in source of income
 
Is This Answer Correct ?    7 Yes 14 No
Y.bhaskara Rao
 
  Re: What is the difference between Advance Tax and TDS?
Answer
# 5
1)Advance tax in tax liability of company, Advance tax pays
on companies profit. The company who laible to pay tax has
to pay this tax in advance in the beginning of the financial
year.

2) Every Companies paying Tds on behalf of other company,
after completion of financial year company issue form 16A to
parties.
 
Is This Answer Correct ?    17 Yes 6 No
Amol
 
  Re: What is the difference between Advance Tax and TDS?
Answer
# 6
advance Tax is assese pay the he value the his income and
expenses he will pay the tax.
tds will be deducted by other parties. like employer to
employee. lessor to lesse. here the other party will deduct
the incometax. he will the tax to government.
 
Is This Answer Correct ?    6 Yes 9 No
Krksarma
 
  Re: What is the difference between Advance Tax and TDS?
Answer
# 7
Advance Tax paid on tax own estimated income for the next
AY in four qtr as % specified on estimated income where tax
liability is more than Rs 5000.00 however tds is deduted on
certain nature pmt to other as rate specifed.
 
Is This Answer Correct ?    5 Yes 5 No
Sarvesh Mani Tiwari
 
  Re: What is the difference between Advance Tax and TDS?
Answer
# 8
TDS is a form of Advance tax only.
Difference is TDS is deducted by payer and deposited in
Govt. exchequer. Advance tax is paid by peson after self
assessment of tax.
 
Is This Answer Correct ?    20 Yes 5 No
Kumar
 
  Re: What is the difference between Advance Tax and TDS?
Answer
# 9
Advance Tax is Paid by Assessee itself after estimating
his/her income He /she is liable to pay advance tax only
when his/her liability to pay Income tax is more than Rs.
5,000/- in Financial year and ofcorse, advance tax is to be
paid for cutrrent financial year in periodic installment and
percentage as described by the income tax act 1961

or

TDS is tax deduction at source which is to be deducted by
third party/payee while making payment for job/services
rendered at prescribed rate
 
Is This Answer Correct ?    8 Yes 3 No
Hitesh Panchal
 
  Re: What is the difference between Advance Tax and TDS?
Answer
# 10
Advance Tax is the Tax which Company makes the payment on
the basic of Estimated profit this is compulsory to made
the payment September, December and March 08.

But TDS - Tax Deducted at Source, this is deducted from
service render to the company i.e, Labour Bill,
Professional Bills and Salary of Employees this payment has
to made on as and when deducted e.g, if we deducted from
Rs. 1050/- TDS from XYZ on September 2008 this payment as
to made on or before 05th October 2008
 
Is This Answer Correct ?    4 Yes 6 No
Vedhavyas G Kotekar
 

 
 
 
Other Taxation Interview Questions
 
  Question Asked @ Answers
 
How to calculate gross salary from bsaic payment, D.A, T.A, H.R.A? DELL 2
what is the size of balance sheet ?   2
we trf goods to our consignment against 'F' form in meerut and he returned some goods back to us plz. tell me should we have to issue a F form to them   1
Why Tds is not deducted on service tax amount of rent bill(let out for business purpose). Mphasis 2
what is H Form   3
what is the tax % of contractors? vguard 9
For getting relief under section 89 which types of documents to be submitted for making form16 DRJ-ARDE 1
what is caluculate PF what is fill the rates in the challan   1
how to calculate service tax   2
IF WE PAY AUDITOR FEE FOR INCORPORATION WORK THEN UNDER WHAT GROUP IT COMES IN TALLY. 2. any other audit fee we paid suppose at the time of financal report preparing then it will comes at the same group or any other   1
procedure to vat assessment?   1
What is difference between PAN No and TAN No   12
 
For more Taxation Interview Questions Click Here 
 
 
 
 
 


   
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