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TDS (6)

Ans:- TDS means ‘Tax Deducted at Source’. TDS is one of the modes of collection of taxes, by which a certain percentage of amount is deducted by a person at the time of making / crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government Account.

Category: TDS

Ans:- It is an offence to misuse Tax Deducted at Source. It should have been remitted to government account within the specified time limit. Failure to deposit TDS attracts levy, interest, penalty and also rigorous imprisonment up to seven years.

Category: TDS

Ans:- The ultimate responsibility to pay tax rests on the person who has earned income. If the employee deposits such tax then the employer will be liable for interest and penalty for failure to deduct tax.

Category: TDS

Ans:- TDS/TCS returns filed in electronic form as per section 200(3)/206C as amended by Finance Act 2005 are quarterly TDS/TCS statements. As per the Income Tax Act these quarterly statements are required to be furnished from FY 2005-06 onwards. The forms used for quarterly e-TDS statements are Form Nos. 24Q 26Q and 27Q and for quarterly e-TCS statement is Form No. 27EQ.

Category: TDS

Ans:- As per Section 206 of Income Tax Act all  deductors are compulsorily required to file their TDS return on electronic media (i.e. e-TDS returns).

Category: TDS

Ans- TDS certificates are issued by the deductor (the person who is deducting tax) to the deductee (the person from whose payment the tax is deducted). There are mainly two types of TDS certificates issued by the deductor.

  1. Form 16: which is issued by the employer to the employee incorporating details of tax deducted by the employer throughout the year, and
  2. Form 16A: which is issued in all cases other than salary.
Category: TDS

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