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what is tds concept
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Answer / arun
T.D.S IS LIKE ADVANCE TAD EDPOSITED BY THE PARTY FROM WHOM
BAYMENT IS MADE
| Is This Answer Correct ? | 20 Yes | 8 No |
Answer / gaurav
In a simple language TDS stands for tax deducted at source.
It is a tax that is deducted from the earning of the
employee by the employer in other words it is a tax that is
deducted at source. It is deducted as per the finance act of
that year. TDS should not be confused with the income tax
return; TDS is a different tax than income tax . Tax
deduction is useful to reduce the income taxand provide tax
relief. TDS is deposited in the government treasury and
later on assigned to central government. TDS came into
existence because government wants to expand their tax
bracket in the country.
| Is This Answer Correct ? | 6 Yes | 3 No |
I have some queries about Service Tax, I am working in a Insurance Broking Company. 1) We have raised one bill on 25.04.09 for the services provided by us in the month Mar, 09 Now We received the chq on May, 09 followed in the Month of June,09. When the service tax is actually payable in the month of received of Service tax amount or in the month of services actually provided by us (Mar09) 2) Can we take 100% credit of Service Tax Input paid to those who provided services to us. Suppose Service Tax payable is Rs. 100/- and Service tax charged by the other firms/company Rs. 80/-. The question is That can we deduct Rs. 80/- (already paid). Now Net ST payable would be Rs. 20/- or other percent of service tax input is available 3) What is the rate of interest for Service tax if not paid on time. Pls help me out asap
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Beginning Balance, Dec. 31, 20xx Creditable Income Tax 211,829.00 Income Tax Payable (132,808.00) > Balance 79,021.00 ITR (1st Quarter) - Jan. 31, 2016 - Mar. 31, 20xx Normal Tax (30% of Taxable Income) 2,205.02 MCIT (2% of Gross Income) 7,865.71 Aggregate Income Tax Due (Normal Tax vs. MCIT whichever is hihger) 7,865.71 Less: Tax Credits/Payments Prior Years Excess Credits 79,021.00 Creditable Tax Withheld - 79,021.00 Tax Payable, per return (71,155.29) What should be the entry in my book to record the above transactions? Thank you!
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