04 January 2013
Dear sir what is the exact meaning of TDS and what is similarities between advance income tax and TDS.. And is it necessasary to pay the both..??
TDS is Tax deducted at source, it is also called has with holding tax. i.e. While making payment towards your earnings portion of income is with hold by payee & remitted to government to avoid tax evasion at letter stages. Since activity is taken at source of income accrued it is also called as Tax deducted at Source.
Primary difference Advance Tax is paid by assessee him self & TDS by payee.
04 January 2013
Dear Friend, The advance tax is payable on your estimated income , but TDS is deducted from the amount you have earned. The TDS will be deducted from the payment or bill you have raised on party. This income is certain. The advance tax will be paid on estimated income , when your tax liability in year is above of Rs. 10,000/-.
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