what is the difference between gst and tds?
536992
GST stands for Goods and Service Tax which is an Indirect Tax levied on the supply of goods and services. ... TDS means tax deducted at source such as tax deducted from salary, interest , professional payments, rent,payment to contractors etc. For these deduction quarterly returns to be furnished by the deductor.
608528
GST is a consumption based tax levied on sale, manufacture and consumption on goods & services at a national level. This tax will be substitute for all indirect tax levied by state and central government. ... Integrated GST (IGST) – which will be levied by Central Government on inter-State supply of goods and services.
201460
Form 15G and Form 15H are forms you can submit to prevent TDS deduction on your income, if you meet the conditions mentioned below. For this, PAN is compulsory. ... Form 15H is for senior citizens, those who are 60 years or older; while Form 15G is for everybody else. Form 15G and Form 15H are valid for one financial year.
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Returns/statements relating to TDS/ TCS should be complete and correct. However, Income Tax Department has provided a procedure for correction of any mistake in the original returns/statements by submitting 'correction returns/statements'.
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TDS can be deducted by a bank on interest income paid to you or by your tenant. TCS (tax collected at source) could have been paid by you if the motor vehicle you purchased was worth more than Rs 10 lakh. Credit of TCS during the year has to be claimed in your ITR in a manner similar to that for TDS.
64850
TDS stands for 'Tax Deducted at Source'. ... TDS works on the concept that every person making specified type of payments to any person shall deduct tax at the rates prescribed in the Income Tax Act at source and deposit the same into the government's account.
336683
The TDS provisions on RDs are the same as TDS on FD. TDS is deducted on RDs if the interest payable for them in a single bank is more than Rs 10,000.
1405701
The main difference between accounting on a cash or accruals basis is the time when liability to pay GST occurs. If you elect to account on a cash basis, then you are liable to pay GST once you have received it from your customers.
1235035
Income tax: It is paid on the annual income where taxes are computed for a particular financial year. TDS: It is deducted at source on a periodic basis in the particular year. Income Tax: The taxpayer determines his liability and makes the payment directly to the government.
170954
Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where the 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.
902370
TDS on Fixed Deposit. FD Interest is taxable at your slab rate along with applicable surcharge/cess. ... It will face a tax of Rs 31,200 (tax rate of 30% and 0.4% cess). The TDS rate on fixed deposits (FDs) is 10% if the interest amount for the entire financial year exceeds Rs 10,000 for AY 2019-20.
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Service tax was levied on “provision of services” while GST will be levied on supply of services. ... Arjuna: Krishna, what are the differences between the rate in Service Tax and GST? Krishna: Arjuna, in Service tax the rate is 15%, while in GST the rate of tax on services might be 12% or 18%.
1400587
The difference between GST and SST is that GST is a unified and indirect tax that is levied on the supply of goods and services. SST is a service tax levied on any taxable service carried out by a taxable individual and a sales tax levied either at the manufacturer level or consumer level, once only.
1472517
Income tax is levied on all individuals or corporates on the income earned during the previous year payable in assessment year whereas TDS is tax deducted at source,deducted at the source of income,merely assuming that you have taxable income.
301220
What is the difference between TDSR and MSR? First of all, the MSR only applies to buyers of HDB property and ECs, while TDSR applies to all property loans, public or private. Like MSR, Total Debt Servicing Ratio or TDSR or also serves to limit the amount of money the HDB or banks can lend you.
1405545
Under Section 192, TDS is deducted at the time of actual payment of salary and not during the accrual of salary. Tax will also be deducted if your employer pays salary in advance to you or you receive arrears from him. In case your estimated salary is not more than the basic exemption limit, TDS will not be deducted.
603453
GST and VAT difference In many ways, GST and VAT are simply two words for the same tax. You can think of VAT as a type of Goods and Services Tax or GST as a type of Value Added Tax, but they essentially mean the same thing.