Regarding TDS
This query is : Resolved
CA Anil Jain
(Querist)
08 January 2008
When TDS is basically Advance Tax,Why different rates are there in various Section?
CA. Vineet Grover
(Expert)
09 January 2008
Hi Anil,
There is no concept as advance tax under TDS. If its advance tax then I feel one is manipulating with TDS. The basic concept of TDS is that the same shall be deducted at the time of credit or payment which ever matures earlier.
The rates of TDS has been defined by the Income Tax Authority based on the various nature of work.
Rgds/
Vineet
There is no concept as advance tax under TDS. If its advance tax then I feel one is manipulating with TDS. The basic concept of TDS is that the same shall be deducted at the time of credit or payment which ever matures earlier.
The rates of TDS has been defined by the Income Tax Authority based on the various nature of work.
Rgds/
Vineet
CA Anil Jain
(Querist)
09 January 2008
I am totally agree you that the same shall be deducted at the time of credit or payment which ever matures earlier.
But why the Different Rates are imposed when at last at the time of submitting the return all income is to be taxable @ the Slab rate.
But why the Different Rates are imposed when at last at the time of submitting the return all income is to be taxable @ the Slab rate.
CA. GOPAL SONIKA
(Expert)
28 February 2008
As the income is earned from various sources the I.Tax payment has to be made accordingly. A person earning salary will not agree to making payment of tax levied for corporates. Similarly TDS has to be deducted based on the nature of services.
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