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What is TDS
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Answer / devang
TDS MEANS TAX DEDUCTED AT SOURCE.
AN EMPLOYER DEDUCT THE TAX FROM THE PAYMENT. THE PAYMENT
MAY BE SALARY , CONTRACT, CONSULTANR CHARGE.TDS APPLICABLE
ABOVE THE AMOUNT OF Rs.10,000/- ONLY.
| Is This Answer Correct ? | 2 Yes | 0 No |
Tax deducted at source means tax required to be paid by the assessee, is deducted by the person paying the income to him. Thus, the tax is deducted at the source of income itself. The income tax act enjoins on the payer of such income to deduct the given percentage of income as income tax and pay the balance amount to the recipient of such income. The tax so deducted at source by the payer is to be deposited in the same in the income tax department account. The tax so deducted from the income of the recipient is deemed payment of income tax by the recipient at the time of his assessment.
For Example :
1. A seller ( deductee ) provides services to the buyer ( deductor )Bill No: 118/2010-2011 for Rs 50,000
2. The buyer deducts the tax at the time of payment of advances or while accounting the bills recieved. ( Rs 50,000-Rs 5665 {tds} =Rs 44335
3. The buyer deposits the deducted amount to the designated branches of the athorised bank (TDS amount remitted to bank Rs: 5665 through challan No: ITNS 281 )
4. The buyer issues form No: 16A to the Deductee
5. The buyer files annual returns electronically to the income tax department
6. The seller files returns, along with Form 16A claiming the credit of the Tax Deducted at Source
TDS amount shall be paid to the credit of Government on or Before 7th of the next month through any designated branches of the authorised banks, along with Income Tax Challan No: 281
Joseph Nelgin.....nelgin8@gmail.com
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / k.senthil kumar
TDS IS BLACK BONE OF BUSINESS MEN HIGHLY TAX PAYMENT WAS
DEDUCTED
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / pramod_knit2008
TDS MEANS TAX DEDUCTED AT SOURCE
it means it is a tax which is deducted from the salary of
employee if his salary is greater than a limit according to
finance rule
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / raj shah
TDS means tax deducted at source. Whenever you pay to some
deductee and if it is under Some Section declared by
Government then you have to deduct some money and then
deposit it to government. For more idea visit or download
software from GNTDS, www.gntds.in
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / pankaj kumar
Sir,
Tds Mean "Tax deducted at sources". Who person earned
salary of Rs 10000 per months and company having tan no.
who paid tds tax. if company having not tan no who did not
deducted tax at Slab.
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / pravin maruti yadav
tds means tax deducted at sources. it is deducted by the
company before making payments or paying salaries to
employees at a prescribed rate.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / anoop sharma
TDS stands for Tax Deducted at source it is deducted on
certain payments which is specified in Income Tax. In case
of specified payments it is deducted by the person who is
responsible for payment at the rate specified in Income Tax
Act it is the responsibilty of deductor to deposit the same
amount in govt. account within specified period and issue
certificate to the deductee within specified period in a
natshel we can say it is advance tax paid on certain
payments.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / subramanian iyer .p
Tds is a direct and progressive tax which directly deducted
from the employees salary at source i.e(starting point of
income)for which the employers gives a tds certificate by
which he does not need to give his taxable income to C.A for
filing I.T returns...
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / ca ramlal
tds is nothing but wasting of time ...i am fedd up of this
work...
pls suugest another work for me or i am going to suicide
pls save me
| Is This Answer Correct ? | 1 Yes | 0 No |
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