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What is the difference between a TDS and an income tax?
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Answer / h.r. sreepada bhagi
TDS (Tax Deduction at Source) - It refers to deduction of
Tax at Source under a taxation Law (Income Tax, Sales Tax,
etc) from the amounts paid or payable(credited)to a service
provider, supplier or any other party in respect of any
income due or paid to them as per the provision of a
particular Act. In specific reference to Income Tax in
India, these are covered under various sections like Sec
192, 194, 195, etc.
Income is the tax payable by the assesses (Individuals,
Companies, Firms, etc) to the Central Government under the
Income Tax Act, 1961 in India. TDS can be reduced from the
taxes payable by the assessees for the relevant assessment
year. They need to receive and preserve the TDS Certificate
from those who have deducted taxes from the amounts due or
paid to them towards the income received or receivable.
| Is This Answer Correct ? | 7 Yes | 0 No |
Answer / madhukar
TDS IS TAX DEDUCTION AT SOURCES TDS IS AMT WHICH WE DEDUCT
FROM CONTRACTOR -SUB CONTRACTOR & PROFESSIONALIST PERSON OR
CONSULTING AGENCIES ETC AND THEN WE RETURN TO GOVT. TDS WILL
REFUND AFTER 2 YEARS
INCOME TAX IS DEDUCT FROM EMPLOYEE ETC.
| Is This Answer Correct ? | 5 Yes | 3 No |
"T.d.s means tax deducted at source from the salary "
"income tax is a direct tax which is paid to the govt on
the income earned by the assesse for the relevent assesment
year"
the expenses is of two types
1.allowable exps 2 dis allowed exps
out of total income earned by the assesse in previous year
the income of an assesse can be defined after considering
the allowable exps in to consideration the income of the
assesse - allowable exps can be regarded as income tax
payable to the dept on slab or flat basis
"if any modifications pls be free to post new answers thank
you"
| Is This Answer Correct ? | 1 Yes | 1 No |
T.D.S IS THE TAX DEDUCTED BY THE EMPLOYER AT SOURCE WHERE AS
INCOME TAX IS THE TAX WHICH IS LEIVED ON THE INCOME EARNED
IN A FINANCIAL YEAR PREVIOUS YEAR WILL BE TREATED AS ASSESMENT
YEAR TOTAL INCOME IN A YEAR -ALLOWABLE EXPS GIVES INCOME
EARNED IN A YEAR
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / chhotan kumar
Tds is a type of direct tax. It is deducted from different ways. TDS deducted from Rent, building , contractor, professional etc at different percentage.
Income tax a also a type of direct tax it is deducted from earned profit by business.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / shamli
TDS-
TDS is Tax deduction sourse it is deduct from vendor & it
is a Expenses of company.TDS will be refund after 2 years.
Income Tax -
Income tax deduct from emplyee & employer Income.income tax
not refund.
| Is This Answer Correct ? | 6 Yes | 7 No |
Answer / sandeep
tds is tax diduction source it mean this tax diducted in
interst,profesion liners,royalty etc
and income tax diducted in the business incomes
| Is This Answer Correct ? | 0 Yes | 4 No |
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