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Tax Deducted at Source (TDS/ TCS) Interview Questions

Below we have listed all the Tax Deducted at Source (TDS/ TCS) Interview Questions and answers. Feel free to comment on any Tax Deducted at Source (TDS/ TCS) Interview Questions or answer by the comment feature available on the page.

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TDS - Tax Deducted at Source. TDS or Tax Deducted at Source, is a means of indirect tax collection by Indian authorities according to the Income Tax Act, 1961. TDS is managed by the Central Board of Direct taxes (CBDT), which comes under the Indian Revenue Services (IRS). TDS is simply Tax Deducted at Source. As per the Income Tax Act ? persons responsible for making payments are required to deduct tax at source at prescribed rates. Instead of receiving tax on your income from you at a later date, the govt wants the payers to deduct tax before hand and deposit it with the govt. 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 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 (IRS). It has a great importance while conducting tax audits. A

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​If the payer does not deduct tax at source, will the payee face any adverse consequences by means of action taken by the Income-tax Department?
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​What is tax deducted at source?
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​How can I know the quantum of tax deducted by the Payer?
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​What to do if the TDS credit is not reflected in Form 26AS?
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​I do not have PAN. Can I furnish Form 15G/15H for non-deduction of TDS from interest?
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​Can the payee request the payer not to deduct tax at source and to pay the amount without deduction of tax at source?
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​At what rate the Payer will deduct tax if PAN Number is not furnished to the Payer?
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Would I face any adverse consequences if instead of depositing TDS in the government's account I use it for my personal needs?
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​I have not received TDS certificate from the deductor. Can I claim TDS in my return of income?
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However, the provisions of section 206AA shall not apply to a non-resident, not being a company, or to a foreign company, in respect of?
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​What is the difference between PAN and TAN?
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​What are the consequences a deductor would face if he fails to deduct TDS or after deducting the same fails to deposit?
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​Under what circumstances a deductor would not be deemed as an assessee-in-default even after he fails to deduct TDS or after deducting the same fails to deposit it to the Government?s account?
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​What are the payments covered under the TDS mechanism and the rates for deduction of tax at source?
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​What to do if tax is deducted but the ultimate tax liability of the payee is nil or lower than the amount of TDS?
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​What are the duties of the person deducting tax at source?
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​Is there any minimum amount upto which tax is not deducted?
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​If I buy any land/building then is there any requirement to deduct tax from the sale proceeds to be paid by me to the seller?
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