Taxation queries

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 July 2013 I have not understood the concepts of TDS.Its like why its required when a salaried employee pays a tax on his annual income.Is it something like a DEDUCTION on tax amount.Also why is their a need of advance tax concept,cant it be an extra wastage of time like estimating future income or profit and then paying tax on it.After that if it is not so,then claim refund.
Pls help as m bit confused due to this.
Thanks

CA Parul Saxena

CA Parul Saxena (Expert)
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10 July 2013 Government can not wait until the year ends so it brought the concept of TDS and Advance tax so that funds can be ultilized by the govt.earlier.