Tax Final

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    Declaration   I, Kranti Gila, hereby declare that this project titled “ Requirement of Tax Deduction at Source ” is  based on the srcinal research work carried out by me under the guidance and supervision of Dr. Anita Jain. The interpretations put forth are based on my reading and understanding of the srcinal texts. The  books, articles and websites etc. which have been relied upon by me have been duly acknowledged at the respective places in the text. For the present project which I am submitting to the university, no degree or diploma has been conferred on me before, either in this or in any other university. Date: August 30, 2019 Signature Kranti Gila Roll No. 15 Semester: VII   Acknowledgement I would like to express my gratitude to those who generously took initiative and helped in the successful completion of this project. I thank them for their inspiration and guidance towards  preparation of this report. Primarily, I would like to thank director Dr. Sanjula Thanvi and my supervisor Dr. Anita Jain, whose valuable guidance has helped me immensely to complete this work. Then I would like to thank librarian and library staff for their help and support in various stages of completion of this project successfully. Kranti Gila    Abstract Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where person responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc. is liable to deduct a certain percentage of tax before making payment in full to the receiver of the payment. As the name suggests, the concept of TDS is to deduct tax at its source. Tax Deducted at Source (TDS) is a means of collecting income tax in India, under the Indian Income Tax Act of 1961. Any payment covered under these provisions shall be paid after deducting a  prescribed percentage. It is managed by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue managed by Indian Revenue Service. It has a great importance while conducting tax audits. Assessee is also required to file quarterly return to CBDT. Returns states the TDS deducted & paid to government during the Quarter to which it relates. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the  payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department. The company or person that makes the payment after deducting TDS is called a deductor and the company or person receiving the payment is called the deductee. It is the deductor’s responsibility to deduct TDS before making the payment and deposit the same with the government.    Table of contents Contents Page No. Declaration Acknowledgements Abstract Introduction ã   Research Methodology ã   Research Objective ã   Research Hypothesis Chapters 1.   Meaning and concept of TDS 2.   Requirement of TDS Conclusion Bibliography  
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