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WebAug 4, 2024 · TDS MCQ Questions and Answers. 6. Any person responsible for paying salaries shall be required to deduct tax at source at the average rate of income-tax computed on the basis of rates in force for the relevant financial year in which ___________. a) Payment is made. b) Account of employee is credited. WebThe company she worked for did not take out any Federal taxes so she is left with a $1600 tax bill. compensation received, but there would be for the tuition paid to the college for the credits of the internship. The college should have sent you a 1098-T to use when filing the return to claim an education tax break. red bull bio
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WebMay 14, 2024 · Tax deduction rules: Tax is required to be deducted at the time of payment getting due or actual payment whichever is earlier. Delay in deduction of tax will attract interest @ 1% per month until the tax is deducted. TDS payment rules: Every person is required to pay the tax deducted to the credit of government by the 7 th day of the … WebA: The tax value method was recommended by the Review of Business Taxation as a better way to calculate your taxable income. The tax value method applies one set of uniform … Web1 day ago · Learn the basics of itemizing deductions (or taking the standard deduction), and review all the ways that you can pay less or get a bigger refund. ... Answers to specific tax questions in 2024. kneel before me worship darkness