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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 (1893)
 Accounting General interview questions  Accounting General Interview Questions (2781)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4351)
Question
what is TDS i need clear explanation and how to file tds 
return
 Question Submitted By :: Gajendran
I also faced this Question!!     Rank Answer Posted By  
 
  Re: what is TDS i need clear explanation and how to file tds return
Answer
# 1
TDS is ‘Tax Deducted at Source’. This rule is introduced by
the Govt. is in order to expedite Tax Collection (At least a
part of the Total Tax Liability) as soon as an assessee earn
his income. Normally we pay Income Tax and File returns of
any Financial Year in the Next Year. By Deducting Taxes in
the form of TDS, Govt. can get the revenue (At least a part
thereof before setting off) in advance. At the end of the FY
when you file your IT Return, you can deduct the amount
deducted so far by way of TDS from your overall tax
liability and pay only the balance if anything is due to the
Tax Department or you can ask for a refund if the TDS
deducted is more than your liability. TDS is deducted on
salaries, dividend, Insurance, Winning from Lotteries, Horse
Race, Rent, Commission, Professional Income etc.., etc.., .
It is deducted according to the specified rates as per
Finance Act.
 
Is This Answer Correct ?    23 Yes 1 No
Sanmilan
 

 
 
 
Other Taxation Interview Questions
 
  Question Asked @ Answers
 
How to calculate Excise duty in manufacturing secoter.   2
wats the journal entry for payament of Company's Income Tax & under what head does income tax comes in TAlly   2
what is rate of vat on gold ? and what is the rate of tax applicalbe on sale of gold in case of interstate sale ?   7
what is Procedure of Bank Reconciliation? Wipro 2
what is the diffrence between tds and vat? GMR 14
how to calculate cst? is it adjust with input cst and output cst? give an example.   4
we are giving the UPS monthly charges 10000/- should we deduct tds if yes then how we will calculate it   4
when sales made in 2% cst against c-form, the buyer issue the c form to the seller, what the seller made on these c form , how can the seller benefited by the c form?   2
TCS AND TDS I.T RETURN   1
what is the difference between Excise duty and Custom duty? and direct cost and Indirect cost with examples? HCL 3
DEAR ALL WE RECENTLY GET TIN .CAN WE SALE CENTRAL ON THIS TIN ? HOW TO FILE DVAT RETURN?   1
From Buyer's point of view, In Interstate purchase to save tax we issue "C" form but at the same time can u tell me by allowing issuing "c" form govt bearing any losses in collection of taxes. e.g.while giving c form i only pay 2% instead of 12.5% the is it loss to govt of 10.5%, if yes then why govt. allowing "c" form, pls explain.   1
 
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