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whaT is TDS? give the rates. Procedure for preparing the same?
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Answer Posted / d. das
TDS or best known Tax Deducted at Source is one of the modes of collecting Income-tax from the assessees in India. This is governed under Indian Income Tax Act, 1961, by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue managed by Indian Revenue Service (IRS), Ministry of Finance, Govt. of India.
There have different percentage for different segment.
e.g. Interest on debentures - 10% HUF/others. etc.
Lottery/cross word puzzle & wining from hirse race-30%HUF/others.
In simple terms, TDS is the amount of tax getting deducted from the person (Employee/Deductee) by the person paying (Employer/Deductor). National Securities Depository Ltd. (NSDL) after having modernised the settlement system in the Indian Capital Market by pioneering scripless settlement is now in the process of establishing a nationwide Tax Information Network (TIN) on behalf of the Income Tax Department (ITD). This is designed to make the tax administration more effective, furnishing of returns convenient, reduce compliance cost and bring greater transparency.
NSDL will be the primary agency responsible for the design, implementation and maintenance of TIN as per the requirements of ITD.
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Contract - HUF/IND-1%, & Others - 2%
Insurance Commission - 10% HUF/Others.
Rent for Land & Building - 10% HUF & Others.
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