Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / 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 |
Post New Answer View All Answers
Maximum validity of an ordinance is 6 months or 6 weeks.
HOW TO CALCULATE PF OF A WORKER(Labour) WHOSE DAILY RATE IS 350.00?If his total working days for a month is 15 days? His total Basic wages comes = Rs.350.00x15=Rs.5250.00 As his Basic wages is less from Rs.6500.00 it is PF payable. Whether it is payable or not?
What is the difference between manslaughter and murder? What is its significance?
I am a merchant exporter,I want purchase products of steel items from the registered dealer. what is the procedure for it ? and what procedure for the Excise rebate claims?
how can emergency provision under indian constitution can be explained in asummarised manner?
AS PER THE AP VALUE ADDED TAX ACT 2005 LEAFLET 14 VIDE ITEM (1)(A) IF AN AGENT SELLS ANY GOODS ON BEHALF OF THE AGRICULTURIST PRINCIPAL HE IS UNDER NO OBLIGATION TO OBTAIN REGISTRATION UNDER THE AP VAT ACT. BUT AFTER ADDITION OF SUB SECTION 10(a) UNDER SECTION 4 WHAT IS THE POSITION OF AGENT WHO SELLS GOODS ON BEHALF OF AGRICULTURIST PRINCIPAL. IS IT NECESSARY FOR HIM TO OBTAIN REGISTRATION UNDER THE APVAT ACT. PLEASE CLARIFY?
Is sales Tax Applicable in companies under SEZ organisation (Special Economic Zone)What is it Rate. What is Form -I For SEZ Companies
Please explain me the latest rules of VAT for Andhra Pradesh like different vat rates, date of payment of VAT and forms of payment, Forms of VAT Returns and date of filing of such returns. Excise Duty present rate, date of payment and date of returns.
exceptions to the rule no consideration no contract
how much important to get police clearance from local police station to Canadian visa?(Work visa)
what is valid cell
I WANT TO KNOW THAT WHAT WE WILL BE PAY FOR PURCHASE COMPUTER WINDOWS FROM JAIPUR TO SEZ AREA
What is the hierarchy of courts in the UK?
What's the difference between a civil and criminal case?
How securied Corporate Fixed deposite is? And can Corporate Fixed deposite is insured?
