Why we Deduct TDS ?
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The basic purpose behind deduction of tax at source is that
there are various payments which are in the nature of
incomes of the person receiving the amount but because when
tds was not in operation these receipt of incomes was
somehow concealed by receiver of income just to evade the
payment of income tax but deduction of tax at source makes
it possible for the department to control all the payments
which are in the nature of income of the receiver & hence
making them liable to show the receipt while calculating
their income tax liability. And accordingly their tax is
calculated.
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / suraj
TO ALLOW THE EXP FROM INCOME TAX RULES NOT DISALLOW THE
EXPENDITURE AND NOT ADDED TO N.P., WITHOUT CONNECTING TO
TRADING BUSINESS
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / hemant
TDS is the part of income tax
this is the way for collect income tax if we deduct the
incoem tax is sure that person is liable for return
Whenever to be calculated the net income so that we can,t
show the disallowed expense in p&l accounts
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / sandeep rajput
TDS is a method for collecting the Income tax in advance
and to cover the more person in area of Income tax.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / bhaskar
To Know whar is the actual net surplus in organisation
| Is This Answer Correct ? | 0 Yes | 2 No |
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1. During the current period, ABC Ltd sold 60,000 units of product at Rs. 30 per unit. At the beginning for the period, there were 10,000 units in inventory and ABC Ltd manufactured 50,000 units during the period. The manufacturing costs and selling and administrative expenses were as follows: Total cost Number of units Unit cost Rs. Rs. Beginning inventory: Direct materials 67,000 10,000 6.70 Direct labour 1,55,000 10,000 15.50 Variable factory overhead 18,000 10,000 1.80 Fixed factory overhead 20,000 10,000 2.00 Total 2,60,000 26.00 Current period costs: Direct materials 3,50,000 50,000 7.00 Direct labour 8,10,000 50,000 16.20 Variable factory overhead 90,000 50,000 1.80 Fixed factory overhead 1,00,000 50,000 2.00 Total 13,50,000 27.00 Selling and administrative expenses: Variable 65,000 Fixed 45,000 Total 1,10,000 Instructions: 1. Prepare an income statement based on the variable costing concept. 2. Prepare an income statement based on the absorption costing concept. 3. Give the reason for the difference in the amount of income from operations in 1 and 2.
Audit 
