Tds
This query is : Resolved
19 February 2014
i want to know if we are paying income tax then i have to pay tds also. what is difference between tds and income tax?
PRATIK AGRAWAL
(Expert)
20 February 2014
Hi...
Technically you never pay TDS.. You just pay Income Tax.. TDS will be deducted from the amount you are receiving from your employer(If u r working)..
Look.. Mr. X has a Income of Rs. 10 Lacs (out of which he received Rs 8.5 Lacs after deducting 1.5 lacs as TDS) for a year and say Income tax on it comes to 2. Lacs..
Then Mr. X has to pay only the remaining amount which is 50,000.
Technically you never pay TDS.. You just pay Income Tax.. TDS will be deducted from the amount you are receiving from your employer(If u r working)..
Look.. Mr. X has a Income of Rs. 10 Lacs (out of which he received Rs 8.5 Lacs after deducting 1.5 lacs as TDS) for a year and say Income tax on it comes to 2. Lacs..
Then Mr. X has to pay only the remaining amount which is 50,000.
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