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Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1904)
 Accounting General interview questions  Accounting General Interview Questions (2829)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4369)
Question
What is the difference between Advance Tax and TDS?
 Question Submitted By :: Taxation
I also faced this Question!!     Answer Posted By  
 
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 ?    79 Yes 19 No
Naina Jain
 
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 ?    40 Yes 17 No
Gsabyasachi
 
 
 
Answer
# 3
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
 
Answer
# 4
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 ?    18 Yes 6 No
Amol
 
Answer
# 5
Advance tax is a presumtive tax...which is based on the
presumptions about the income. In is paid by
1. corporates
15% by 15th Jun
30% by 15th sep
60% by 15th dec
100% by 15th Mar
Non payment / sort payment is panalised u/ sec 234 B and C

2. Non corporates having tax liability above 5000 rs.
30% by 15th sep
60% by 15th dec
100% by 15th Mar

It is the liability of the assessee and he cant shift it.

While tds is tax deducted at source by the payer. In case
he fails to deduct the tds...government will hold him
liable and therefore we will have to bear our tax expense.
 
Is This Answer Correct ?    8 Yes 1 No
Jubilee
 
Answer
# 6
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
 
Answer
# 7
Thank You all for the answers 
Is This Answer Correct ?    12 Yes 11 No
Arijit Roy
 
Answer
# 8
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
 
Answer
# 9
advance tax is a tax paid by the assessee in advance in the
financial year which is related to the previous year. he
has to pay 30% of his income before 30th sep and 60% of
income before dec 30th and balancing before 31st march, if
his tax exceeds Rs. 5000/-.

TDS is tax deducted at source. Tax at the applicable rate
is to be deducted form the salary by the employer at the
time of paying/crediting the salary. The employer will give
a Tax Deduction certificate at the end of the financial
year and the employee can claim this deduction through his
income tax return for the year.Also, in case of contract or
service provided by anyone to another, above a certain
amount, tax is to be deducted at the applicable rate which
are different for different types of payment. The payer of
the bill will give a tax deduction certificate in the
prescribed form to the latter to claim in his tax return.
The person who deducts tax has to deposit the tax with the
govt. treasury or authorised banks. A quarterly return has
to be filed with the appropriate authorities, of the tax
deducted. Penalty for not filing the return is Rs. 100/-
per day of delay
 
Is This Answer Correct ?    1 Yes 1 No
G.ramya
 
Answer
# 10
Advance tax contains " Tax paying in advance against company
income / Profit "

TDS Contains " TDS Paying after deduction from individual
income / sources "
 
Is This Answer Correct ?    1 Yes 1 No
Ayyanar
 

 
 
 
Other Taxation Interview Questions
 
  Question Asked @ Answers
 
if we are purchase in 4% vat tax than can we deduct tds Komal-Texfab 12
We have purchased staples Item & vendor charged freight in his invoice.should we deduct TDS on freight charges by vendor?   1
what is E.S.I, P.F rates and working notes   7
How you calculate Personal tax, business tax, income tax, service tax? APC 1
Why the goverment give tax reduction benifit when purchase and sales from one state to another state under 'C' form ?   1
what is the rate of tax, when goos purchased from outside the state without way bill   1
how to calculate sub contract tds his bill 48500? Capital-IQ 6
If X is an Professional Employee of ABC Ltd. and earning Rs.30000 pm (TDS u/s 194J is applicable) for Taxation purpose. Car loan has been taken on his income and Car has been registered on her wife's (spouse) name. EMI going through "X"'s (an employee)Bank account. Can he show the Interest on Car Loan in his IT returns???   2
Which form we use at the time of retun filling(quqrterly) in the case of state haryana.Tell me in breief and plz tell me about the use of Challan 'C'. Benlon 1
Where we show the brought forwarded losses in the Balance Sheet?   3
Which Schedule must prepared with Balance Sheet as a supporting documents. breifly explain? like depriciation,debotrs,creditors   1
IS C form is receivable against 0 value invoice issued to customer for promotional items   1
 
For more Taxation Interview Questions Click Here 
 
 
 
 
 


   
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