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what is meaning TDS?
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Answer / jyotika
TDS means Tax Deduction at Sources , which is one of the
various modes of recovery of tax besides advance Tax and
Tax on regular Assessment .The provision with respect to
TDS are as per Income Tax Act, 1961, as amended Time to
time
| Is This Answer Correct ? | 14 Yes | 1 No |
Answer / prakash chandra das
Tds means Tax Deduction at source its part of income this
advence to pay to tax department.
| Is This Answer Correct ? | 13 Yes | 2 No |
Answer / sugumar
TDS is tax deducted at source. Tax at the applicable rate
is to be deducted form the salary by the employer at the
time of paying/crediting the salary. The employer will give
a Tax Deduction certificate at the end of the financial
year and the employee can claim this deduction through his
income tax return for the year.Also, in case of contract or
service provided by anyone to another, above a certain
amount, tax is to be deducted at the applicable rate which
are different for different types of payment. The payer of
the bill will give a tax deduction certificate in the
prescribed form to the latter to claim in his tax return.
The person who deducts tax has to deposit the tax with the
govt. treasury or authorised banks. A quarterly return has
to be filed with the appropriate authorities, of the tax
deducted. Penalty for not filing the return is Rs. 100/-
per day of delay.See income Tax Act and rules
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / aniket
TDS means Tax deduction at source. It actully deducted from labour charges, professional fees and etc in the purchase invoice after certain amount limit define by the income tax office.
It silently means that the deductor have to deduct the TDS amount from the Deductee fees, and submit to the income tax office..and send the form 16A to the Deductee.
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / neeta
Tds means tax deducted source its part of income ,this is paid to tax department it will be charge on basic income like profisional fees, interest on security our any other income etc.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / shivanand
TDS,Tax deducted at source it is also an indirect tax ,and
which is deducted on specific reasons like rent and
payment to contactor
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / vijayabhaskar
tds depends on nature of activity and deduction percentage is between 1%to5%
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / karibasavesh
TDS MEANS TAX DEDUCTION AT SOURCE . IT IS DEDUCTED WHEN
PAYMENT IS MADE OR ENTRY FOR LIABLITY IS LIKE ON SALARY
COMMISSION RENT PAYMENT . LIKE THIS
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / janak raj upreti (best roadway
Tds means Tax Deduction source its part of income this
advence to pay to tax department in behafl of intrest on
security, profession fees, contrectors/sub contractor,
winning from lottry etc.
| Is This Answer Correct ? | 1 Yes | 1 No |
how to prepare the internal audit sheet ? explain me with example. (take example of LOGISTICS& SUPPLYCHAIN MANGEMENT COMPANY)
0 Answers Logistics, SnapDeal,
During the year a firm has received TDS of Rs.30 lakhs and out of this an amount of Rs.9 lakhs was adjusted against the taxes. However, in the balance sheet under the head assets,the firm shown Rs.30 lakhs towards TDS. Is it correct. In my openion, in the balance sheet, the assessee has to show only Rs.21 lakhs as asset in the balance sheet, after reducing the tax adjustemnt of Rs.9 lakhs. Pl. Clarify.
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