Income tax is collected / recovered at two stages, namely pre-assessment stage and post assessment stage. Nearly 85% of the tax is collected at the pre-assessment stage. The methods by which pre-assessment tax collected are deduction tax at source, collection of tax at source, advance payment of tax.
According to CBDT (Central Board of Direct Taxes), nearly 40% of the total direct taxes collection accrues through tax deducted at source (TDS) of which salaries contribute almost 50%. Of the total, direct taxes realization expected in a financial year, officials estimate that the TDS collections will be on top.
Activate TDS
F11 -> Statutory & Taxation
Step 1:
Journal (Tax calculation purpose)
Payment:
Amount paid to party's by cheque
Payment:
Amount paid to Income tax department
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