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Categories  >>  Accounting  >>  Taxation
 
 


  

 
 Audit interview questions  Audit Interview Questions
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 Taxation interview questions  Taxation Interview Questions
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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 ?    19 Yes 0 No
Sanmilan
 

 
 
 
Other Taxation Interview Questions
 
  Question Asked @ Answers
 
What is TDS ?  2
we purchased material from other state without waybill, can we get c-form without waybill?  1
Which goods is Excisable.  2
How many form C we can issue or receive in 1 quarter against Inter state purchase or sales HBL-Power-Systems8
one supplier/dealer of a Reputed Electric motor manufacturing company of Kolkata having shop in Dhanbad (Jharkhand)carges 10.3% E.D + Education cess + Jharjhand VAT on ordered value whether is it correct? Are dealer are supposed to charge E.D.  1
I am an employee in a private organisation. I purchased one computor for my personal use. can I avail depreciation on that. If so to what extent?  2
Can we get benefit of TDS deducted in FY 2005-06 and I have received Form 16A from Payee in FY 2008-09 i.e after 3yrs.  1
What is Assesment Year  15
what is defferred tax liability ? explain with 2 example.  1
what is the time limit of tax credit in sales return condition  2
what is document require for vat registration?  3
The Bank FD matured. The amount was Rs.500000, Interest was Rs.25000, The TDS was 10%, What is Journal Entry for this.  11
 
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