Tax Deduction at Source

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A
Summer Training Report On

“Tax Deduction At Source”

Submitted In Partial Fulfillment Of The

Degree Of

“Masters of Business Administration”

By

GOURAV GUPTA
MBA (2010 – 12)
Roll No.50-MBA-10

THE BUSINESS SCHOOL
UNIVERSITY OF JAMMU
KATHUA CAMPUS

CERTIFICATE

This is to certify that Gourav Gupta , student of M.B.A – III Semester, Roll no. 50-MBA-10 is a bonafide student of this institute. He has completed the project report on the topic “Tax Deduction At Source” under the supervision of Varun Mahajan for the partial fulfillment of requirement for awarding the degree of Masters of Business Administration by University of Jammu.

Project Incharge

DECLARATION

I hereby declare that the project report on the topic “Tax Deduction At Source” completed during industrial training in TATA TELE LIMITED and submitted under the guidance and supervision of .VARUN MAHAJAN Project incharge is my original work and not copied from any source.

The preparation of the project report is based on my personal research findings, interactions with the officials and employees and from secondary sources.

________________

GOURAV GUPTA

Acknowledgement

Preservation, inspiration and motivation have always played a key role in the success of any venture. In the present world of cut throat competition project is likely a bridge between theoretical and practical working, willingly I have prepared this particular project.

Any accomplishment requires the effort of many people and this work is not different. Firstly, I would like to extend my sincere thanks to my Project Guide at TATA TELESERVICES LTD, Mr. Ajay Sharma (HR Head, J&K) and MR GURJEET SINGH(FINANCE HEAD ,J &K),MR VARUN GUPTA (PROJECT INCHARGE) ,MR KARAN SEN( PROJECT GUIDE) for their able guidance, regular counseling, keen interest and constant encouragement during the project. I am highly thankful to Project Incharge for his helpful attitude, regular coaching and inspiration. I sincerely thank all the faculty members and the staff associated for their support given to me time to time. Also, I would like to thank to all my friends and family members for their support given to me time to time. I don’t have words to express my thanks, but still my heart is full of gratitude for the favors received by me from the every person.

CONTENTS

Chapters | Pages| 1. TDS | 7|
2. Industry profile | 17| 3. Company profile | 44| 4. WHY TDS??????????????| 63|

5. TDS COMPLINCES IN TATA| 64|
6. E RETURN PROCEDURE | 72|
7. TDS CERTIFICATE| 94|
8 CONCLUSION| 96|
9. REFERENCES AND BIBLIOGRAPHY | 95|

1. TDS
Tax Deducted at Source or best known TDS is one of the modes of collecting Income-tax from the assessees in India. This is governed under Indian Income Tax Act, 1961, by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue managed by Indian Revenue Service (IRS), Ministry of Finance, Govt. of India In simple terms, TDS is the tax getting deducted from the person account (Employee/Deductee) by the person paying such amount (Employer/Deductor). This is applicable for certain types of payments, as applicable under the Act. In the process of TDS, deduction of tax is effected at the source when income arises or accrues. Hence where any specified type of income arises or accrues to any one, the Income-tax Act enjoins on the payer of such income to deduct a stipulated percentage of such income by way of Income-tax and pay only the balance amount to the recipient of such income. The tax so deducted at source by the payer, has to be deposited in the Government treasury to the credit...
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