what is Tds %,Service tax %,Cess %,and ESI,PF %,and what is
the use of this.
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Answer Posted / Pukhraj Singh
TDS (Tax Deducted at Source), Service Tax, Cess, ESI (Employee State Insurance), and PF (Provident Fund) are various taxes and contributions deducted from salaries or income in India. Here's a brief explanation of each:
1. TDS - A tax collected by one party on behalf of the government from another party at the time of payment of certain specified income. It is usually applicable to income such as salary, interest, rent, and commission.
2. Service Tax - A tax levied on service providers in India under the Finance Act 1994. It is charged on all taxable services provided by a taxable person to a customer located in India.
3. Cess - A surcharge or additional tax levied on certain goods or services for specific purposes, such as the Swachh Bharat Cess and Krishi Kalyan Cess.
4. ESI - An insurance scheme in India that provides social security benefits to employees and their families against sickness, maternity, and certain other contingencies. It is mandatory for establishments employing 10 or more employees to register under the ESI Act, 1948.
5. PF - A retirement savings fund where a portion of an employee's salary is contributed by both the employer and employee. In India, it is managed by the Employees' Provident Fund Organization (EPFO).
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