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Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (159)
 Taxation interview questions  Taxation Interview Questions (1916)
 Accounting General interview questions  Accounting General Interview Questions (2844)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4376)
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
 

 
 
 
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