0
"Tax deducted at the source" is a method of collecting income tax and a few other taxes.
Some taxes such as income tax and FICA taxes are collected from wages, gambling winnings, pensions, and a few other types of payments before the payments are given to the taxpayer. These payments are then credited to the taxpayer's account as payments of income tax, etc.
Add your answer:
Earn +20 pts
When was TDS introduced as a tax?
Well, honey, TDS, or Tax Deducted at Source, was introduced in India back in 2005 as a way to collect tax at the source of income generation. So, if you're wondering when it first made its grand entrance, well, there you have it, 2005. Hope that clears things up for you, darling.
What is the difference between TDS and service tax?
TDS is Tax Deduction at Source which is deducted from the service holder/ consultant during payment. At present, TDS is 10.1%. Service tax is a tax payable on the service provided by the service provider, at present it is at 12.36%
Is Tax Deducted at source applicable on sea or air freight?
no
What is check name for TDS payments?
Tax deducted at Source
What is the full form of tds in accounting India?
Tax deducted at source
What is the meaning of tax deducted at source?
Tax deducted at source (TDS) is a form of tax collection in India used on income assessments. The tax paid is on earnings for the past year.
Do you need to pay income tax on interest earned on fix deposit even tds deducted by bank already?
Yes all interest income is reported on the income tax return. tds (Tax Deducted at Source). At present NO interest income is exempted from tax .On the federal 1040 income tax return you do have some types of interest that is exempt from income tax but the amount still has to be reported on the 1040 federal income tax return..
What does deducted at source mean?
The term Deducted At Source is usually used while talking about Income Tax. Employers and other institutions that provide an income to the citizens of a country have to deduct a portion of the money that is paid out to the people as Tax and remit it to the government. This is commonly referred to as Tax Deducted at Source or TDS. Say for e.g., you work for XYZ private limited and are being paid $10000 per month as salary. As per your country's tax laws 20% of your income needs to be paid as tax, then it is the duty of XYZ private limited to ensure that $2000 is deducted every month from your income and remitted to the government. Similarly, say you have a deposit of $100,000 in a bank for which they pay you an interest of $10,000 every year. If say your tax liability on this interest income is 10% then the bank is supposed to deduct $1000 from the interest being paid to you and credit only the remaining $9000 in your account.
What does withholding tax mean?
Taxes that are taken out of your pay before you get it. These typically include income taxes, social security taxes and Medicare taxes.
What does tax deduction at source mean?
Tax deduction at source (TDS) means that specified taxes are deducted from the recipient's income by the payer prior to payment. According to the India Income Tax Act, TDS must be done on such income as salaries, interest, dividends, rents, fees for professional and technical services, etc. In this way the payments to the recipient are net income (gross income less taxes).
When was TDS introduced as a tax?
Well, honey, TDS, or Tax Deducted at Source, was introduced in India back in 2005 as a way to collect tax at the source of income generation. So, if you're wondering when it first made its grand entrance, well, there you have it, 2005. Hope that clears things up for you, darling.
Tds is direct tax or indirect tax?
TDS means Tax Deducted at Source.....deducted by employers usually
How can you submit Form 16 online to your India tax forms?
Form 16 is Certificate under Section 203 of the Income-Tax Act, 1961 for Tax Deducted at Source on Salary. Form 16 is a certificate that your employer gives you as proof that tax was deducted at source from your income during the year.As of July 2008, even if you're filing electronically, you no longer need to attach Form 16 to your tax return. The Central Board of Direct Taxes requires only Trusts to attach Form 16 to their return (Form ITR-7).The Central Board now maintains an online Tax Deducted at Source account for each taxpayer.
What is the difference between TDS and service tax?
TDS is Tax Deduction at Source which is deducted from the service holder/ consultant during payment. At present, TDS is 10.1%. Service tax is a tax payable on the service provided by the service provider, at present it is at 12.36%
Is Tax Deducted at source applicable on sea or air freight?
no
What is check name for TDS payments?
Tax deducted at Source
What are the differences between Emitter follower and source follower?
no difference between emiter follower and source follower
