Next working day.....
TDS means Tax Deducted at Source.....deducted by employers usually
TDS means tax deducted at source. It is employer's duty to deduct tax at source otherwise govt. may take action. It is a direct tax.
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.
Micro finance Institutions, also known as MFIs, a microfinance institution is an organisation that offers financial services to low income people. Almost all give loans to their members, and many offer insurance, deposit and other services. A great scale of organisations are regarded as microfinance institutes.
Yes. The interest is considered an Income and has to be included in your net annual income while you file your income tax returns. If your interest is more than Rs. 10000 in a year, the bank themselves can deduct TDS and remit it to the Income Tax Department.
Kindly le Let me know if tds due date falls on sunday,can it be paid next day Kavita
1.5%
10.33%
Cash / Bank A/c. ------Dr. Tds receivable A/c.-----Dr. To Sundry Debtor A/c.------Cr.
1.5% per month or part there of, till tds is paid Deduction due date paid date 10000 7.7.2012 8.7.12 interest 150 10000 7.7.2012 8.8.12 interest 300 10000 7.7.2012 8.9.12 interest 450 ...like
TDS refers to Tax Deducted at Source. In regard to certain incomes, government makes it mandatory to deduct a certain amount of tax by the person who is making payment to other party. For example, while making rent payment by the tenant to the landlord, tenant may be required to retain a certain amount of rent payment as tax (TDS) and deposit the same with the government.
By Cash a/c dr. 5000 By Tds receivable a/c dr. 500 To Debtors a/c cr. 5500
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%
TDS has to be deducted based on the TDS Rates provided for different nature of transactions like 2.266% for contractors, 1.133% for subcontractors and advertisement contracts, etc., TDS is required to be deducted on the Payment being made / amount credited to the party account. for example Consultancy service chages are Rs.1,00,000/- Add : Service Tax @ 12.36% Rs. 12,360/- Totaling to Rs.1,12,360/- Rate of TDS 11.33% on Rs.1,12,360/- amounts to Rs. 12,730/-
Not if TDS is consistent, there will be however a correlation if TDS fluctuates more than 10 per cent which tends to increase COD due to the degradation of microorganisms.
Due dates of Deposit TDS and TCSTax to be deducted by Govt Office1Tax deposited without challanSame day2Tax deposited with challan7th of next month3Tax on perquisites opt to be deposited by the employer7th of next monthTax deducted by other1Tax deductible only on March30th April of next year2other months & tax on perquisites opted to be deposited by employer7th of next month
TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. It is compulsory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment challan and TDS/TCS certificates.