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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 (1905)
 Accounting General interview questions  Accounting General Interview Questions (2833)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4371)
Question
what is TDS i need clear explanation and how to file tds 
return
 Question Submitted By :: Taxation
I also faced this Question!!     Answer Posted By  
 
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 ?    25 Yes 1 No
Sanmilan
 

 
 
 
Other Taxation Interview Questions
 
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can anybody provide list of balance Sheet & P & L Account? Impulse 5
What are the new income exemption limits for Men,Women and Senior Citizens for the Financial Year 2009-10   4
if we have amc any vendor 25,000 pa. should we deduct TDS Mahindra 2
What is difference between PAN No and TAN No   12
what is the Income tax updated slab?   5
what is mean by vat (value add tax) what is that value, is it gross amount of purchase/sales, or it net of amount of pur/sales - on which it will calculated, i need with example   3
what do you mean by tds Oyster-Learning 6
what is tds and what is what is the current rate of tds on payment of contract and payment of professional charges   2
WHAT IS PENALITY FOR LATE SALE TAX RETURN   3
What is means by ESI ? How to calculate ESI ? ESI challan or form No. ?   6
if i sale goods on dt 30.06.09 but calcutta party received it on 07 july ,so the party issue to form C for which quarter   9
What is the difference between Advance Tax and TDS? Godrej 16
 
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