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System of Taxation - TDS Video Lecture | Income Tax for assessment (Inter Level)
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FAQs on System of Taxation - TDS Video Lecture - Income Tax for assessment (Inter Level)
| 1. What is TDS taxation? |  |
Ans. TDS taxation stands for Tax Deducted at Source taxation. It is a system of taxation where the person making the payment deducts tax from the payment at the time of making the payment and then deposits it with the government. This system ensures that the government collects tax in advance and also makes the process more convenient for taxpayers.
| 2. How does TDS taxation work? | |
Ans. TDS taxation works by requiring the person making the payment, known as the deductor, to deduct a certain percentage of tax from the payment amount. This deduction is based on the prevailing tax rates and the type of payment being made. The deductor then deposits this deducted tax amount to the government on behalf of the recipient, known as the deductee. The deductee can later claim credit for this TDS amount while filing their income tax return.
| 3. What are the benefits of TDS taxation? | |
Ans. TDS taxation offers several benefits. Firstly, it ensures a regular and steady flow of revenue for the government as tax is deducted at the time of payment itself. Secondly, it helps in preventing tax evasion as the tax is deducted by the deductor and deposited with the government. It also reduces the burden of tax collection for the government. Additionally, TDS taxation provides a convenient way for taxpayers to pay their taxes as they don't have to individually calculate and pay the tax amount.
| 4. Who is responsible for deducting TDS? | |
Ans. The responsibility of deducting TDS lies with the person making the payment, i.e., the deductor. The deductor can be an employer, a business entity, or any other person who is required to make payments that attract TDS. The deductor is responsible for deducting the applicable TDS amount from the payment and depositing it with the government within the specified time frame.
| 5. What are the different types of payments that attract TDS? | |
Ans. Several types of payments attract TDS, including salaries, interest on fixed deposits, rent, professional fees, commission, contract payments, etc. Each type of payment may have different TDS rates and rules associated with them. It is important for the deductor to be aware of these rates and rules to ensure compliance with TDS provisions.
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Nov 16, 2024 Last updated |
Video Description: System of Taxation - TDS for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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