What is the difference between a TDS and an income tax?
Answer Posted / h.r. sreepada bhagi
TDS (Tax Deduction at Source) - It refers to deduction of
Tax at Source under a taxation Law (Income Tax, Sales Tax,
etc) from the amounts paid or payable(credited)to a service
provider, supplier or any other party in respect of any
income due or paid to them as per the provision of a
particular Act. In specific reference to Income Tax in
India, these are covered under various sections like Sec
192, 194, 195, etc.
Income is the tax payable by the assesses (Individuals,
Companies, Firms, etc) to the Central Government under the
Income Tax Act, 1961 in India. TDS can be reduced from the
taxes payable by the assessees for the relevant assessment
year. They need to receive and preserve the TDS Certificate
from those who have deducted taxes from the amounts due or
paid to them towards the income received or receivable.
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Under the provisions of the BST Act, no registered dealer is allowed to collect any amount by way of tax in excess of the amount of tax payable by him. Excess tax collected is to be forfeited to Government. However i want to know whether tax payable amount is the amount before the set off claimed or the tax payable amount after availing the set off.
Hi, Please guide me in the TDS calculation. I know the slabs.But I dont have much idea about the deduction part.What is the need of Bsic and HRA while calculating TDS.Also I heard that LIC, Rent etc is excempted from TDS.Please guide me...my email id is tinjusyriac@gmail.com Thanks in advance..
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