WebMar 30, 2024 · 4000 Deductor Deductee ABC Max Who is Deductor Person Deducting TDS Who is Deductee P erson whose TDS Deducted Who is Deductor Deductee here Deductor Deductee ABC Max If TDS @10% TDS Deposit Max ABC Bill consultancy Rs 40,000 Cheque Rs 36,000 4000. Next: What is TDS Challan and TDS Return → Ask a doubt. WebTax deduction at source (TDS) in India is a means of collecting tax on income, dividends, or asset sales by requiring the payer (or legal intermediary) to deduct tax due before paying …
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WebJun 30, 2024 · Under section 194Q “It is provided for TDS by the person responsible for paying any sum to any resident for purchase of goods. The rate of TDS is kept very low at 0.1%. The tax is only required to be deducted by that person (i.e. ―buyer) whose total sales, gross receipts, or turnover from the business carried on by him exceed ten crore ... WebAnswer (1 of 35): What is TDS? Tax Deducted At Source is a system introduced by Income Tax Department, where person responsible for making specified payments such as salary, commission, professional … csusb cal fresh
What is TDS How TDS Calculated in India Tax Deducted at Source
WebFor example, ABC Pvt Ltd have to make payment of Rs 1,00,000 to Mr. XYZ for professional fee. TDS rate specified on professional fee is 10%. Net payment to Mr. XYZ = Gross … WebJun 21, 2024 · The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make … WebMar 30, 2024 · TDS: Tax Deducted at Source. TDS is a taxation method, where a person making a payment of specific nature is liable to deduct tax and deposit it with the government. The rate at which TDS is deducted and paid is based on the specified based on nature of the payment. The person making the payment is required to make deduct and … csusb change of status