Answer / d. das

TDS or best known Tax Deducted at Source is one of the modes of collecting Income-tax from the assessees in India. This is governed under Indian Income Tax Act, 1961, by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue managed by Indian Revenue Service (IRS), Ministry of Finance, Govt. of India.

There have different percentage for different segment.

e.g. Interest on debentures - 10% HUF/others. etc.
Lottery/cross word puzzle & wining from hirse race-30%HUF/others.

In simple terms, TDS is the amount of tax getting deducted from the person (Employee/Deductee) by the person paying (Employer/Deductor). National Securities Depository Ltd. (NSDL) after having modernised the settlement system in the Indian Capital Market by pioneering scripless settlement is now in the process of establishing a nationwide Tax Information Network (TIN) on behalf of the Income Tax Department (ITD). This is designed to make the tax administration more effective, furnishing of returns convenient, reduce compliance cost and bring greater transparency.
NSDL will be the primary agency responsible for the design, implementation and maintenance of TIN as per the requirements of ITD.
[edit]

Contract - HUF/IND-1%, & Others - 2%

Insurance Commission - 10% HUF/Others.
Rent for Land & Building - 10% HUF & Others.

If the the material sent for job work in outside state for job work ,what should be service tax chargeable or not if material receipt after job work done to job worker kindly suggestion

0 Answers   A1 Technology,

---

All Tax Experts We are manufacture assesses registered with the excise department or our office and works area are commercial on rent basis and lease holders charge service tax on rent or raise the invoice on same premises address can we taken credit of service tax, on input services and utilized in Cenvat Credit with Excise pls. Explain me.

2 Answers  

---

What is Form 12A & Form-H and where is applicable.

0 Answers  

---

what is the exact meaning of cst? what is its usage and what are the benefits of c form?

6 Answers   STR Tools,

---

Can a Company can issue C Forms in Advance to the seller (Other than govt.dept.)

4 Answers  

---

CERTAIN LIST OF EXPENSES ARE MENTIONED IN SECTION 35D regarding amortisation of such expenses........not included in the list are expenses like administrative expenses,consultancy fees etc...if these expenses are of revenue nature then well and good enough, problem taken care of.If it is not of revenue nature nor is it included in the list, how do u treat such expenses. Do u capitalise them by way of fixed assets or sunk costs or what do u do? any case laws that talk about expenses not mentioned in the section?

0 Answers   Ernst Young,

---

Is here any change in excise duty in respect of supply of goods required for MSPGCL,i.e. Rs.10.30 % instead of 8.24 %.

1 Answers  

---

what is excise return, what is form requirement and what is procedure for excise return?

0 Answers   ABC,

---

what is the entry for creating DEFFERRED TAX ASSET OR LIABILITY......? one aspect we r db/cr deffered tax.what is d another aspect??????????????????????

1 Answers   Divya Co.,

---

what do you mean by cenvat? and in which is liable?

0 Answers  

---

what is tax deduction on monthly salary

1 Answers   Genpact, Manufacturing, MNC,

---

Hi May i know i 2 avoid Income Tax.I am getting 1,20,000PA and a house rent of 5000PM,and profit from Agriculture Income of 80,000.Is agriculture Income taken into consideration.If so how 2 calculate further & how much will b the Income TaxI will b getting.

8 Answers   SAT InfoTech,

---