Answer / sanmilan

TDS is ‘Tax Deducted at Source’. This rule is introduced by
the Govt. is in order to expedite Tax Collection (At least a
part of the Total Tax Liability) as soon as an assessee earn
his income. Normally we pay Income Tax and File returns of
any Financial Year in the Next Year. By Deducting Taxes in
the form of TDS, Govt. can get the revenue (At least a part
thereof before setting off) in advance. At the end of the FY
when you file your IT Return, you can deduct the amount
deducted so far by way of TDS from your overall tax
liability and pay only the balance if anything is due to the
Tax Department or you can ask for a refund if the TDS
deducted is more than your liability. TDS is deducted on
salaries, dividend, Insurance, Winning from Lotteries, Horse
Race, Rent, Commission, Professional Income etc.., etc.., .
It is deducted according to the specified rates as per
Finance Act.

what is share spilitting

3 Answers  

---

Goods costing Rs.40000 was lost by fire but 3/4th of the claim was accepted by the insurance company

1 Answers  

---

what are the similarities between provision and reserve?

6 Answers  

---

Is the Bills payable is personal account ?

2 Answers   Income Tax, Josts Engineering Company,

---

What are the 4 phases accounting?

0 Answers  

---

What's the VAT percentage?

8 Answers   Sony,

---

what is a journal entery of goodwill?

15 Answers   Capital IQ, Genpact, Sujana,

---

How to make privision in SAP. (Please revert on the possibility of making this happen at PO Stage)

0 Answers  

---

Name three (3) equity security data points

2 Answers   Shore Infotech,

---

what are journal entry of vat in sale transaction with example.

1 Answers  

---

What is the provision? What is the entry for provision?

0 Answers  

---

Under which group in airtel a/c ledger

3 Answers  

---