short note (text) on tax deduction at source
- 3 Answers
- 17197 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / n.g.h prasad
Tax deducted at source is one of the modes of collecting
Income-tax from the assessees in India. Such collection of
tax is effected at the source when income arises or
accrues. Hence where any specified type of income arises or
accrues to any one, the Income-tax Act enjoins on the payer
of such income to deduct a stipulated percentage of such
income by way of Income-tax and pay only the balance amount
to the recipient of such income. The tax so deducted at
source by the payer, has to be deposited in the Government
treasury to the credit of Central Govt. within the
specified time. The tax so deducted from the income of the
recipient is deemed to be payment of Income-tax by the
recipient at the time of his assessment. Income from
several sources is subjected to tax deduction at source.
Presently this concept of T.D.S. is also used as an
instrument in enlarging the tax base. Some of such income
subjected to T.D.S. are salary, interest, dividend,
interest on securities, winnings from lottery, horse races,
commission and brokerage, rent, fees for professional and
technical services, payments to non-residents etc.It is
always considered as an Advance tax which is paid to the
government when we are being paid for provision made by us
in the form of products or services.
A tax deductor has to apply for Tax Deduction Number or TAN
and this number is a unique identification number for
person deducting the tax.A tax deductor is also required to
issue TDS certificate to the deductee within specified
timed under section 203 of the I T
| Is This Answer Correct ? | 26 Yes | 2 No |
Answer / sandeep goel
A tax deductor has to apply for Tax Deduction Number or TAN
and this number is a unique identification number for
person deducting the tax.A tax deductor is also required to
issue TDS certificate to the deductee within specified
timed under section 203 of the I T
| Is This Answer Correct ? | 10 Yes | 1 No |
Answer / geetanjali paudwal
Tax deducted at Source is applicable to all types of incomes
,specified services etc. it is provisional payment made to
the government. TDS is deducted from income of salary,
interest, dividend, interest on securities winning from
lottery, hourse race , commission on brokerage, rent, fees
for profession, payment to non-resident. It is always
consider to Advance tax. Every assessee has a TIN number and
it is neccessary to file TDS Return if it is in case of
income is not applicable to charge on TDS or income is nil.
Every assesee which has to registered only those assessee
has to receive the TDS Certificate.
| Is This Answer Correct ? | 5 Yes | 1 No |
Can an indian company issue shares at par value to an indian individual?
Define a miracle.
How to Vouch Purchase Invoice for the purpose of CENVAT
WHAT IS TDS?
Can a OBC reserve person who applied for OBC reserve post selected on open post without his consent
How to break service bond
if my employees are having esic , then do i need to take workman compensation for them ? is it compulsory for me to take workman compensation even if having esic ?
Is it possible to take VAT credit on expenses made by manufacturing units?
whether WCT is applicable on free issue of material?
What is Assessment Year?
if firm is located in area in which ESI IS NOT APPLICABLE &services of this firm employees are used by any other organization in its area where ESI is applicable then can that organization can ask the firm to submit ESI for those employees before passing its service bills while the firm is denying to submit as it is not applicable
Please give any one of the standard book name for Provident Fund Act & Rules and ESI.
-
Law AllOther (806)
