Gammastack Intern Interview Questions and Answers

Advance tax is a system of paying tax in advance based on estimated income for the year.

• Advance tax is a method of paying a portion of your taxes before the end of the financial year.

• It is applicable to individuals, self-employed professionals, and businesses with tax liabilities above a certain threshold.

• The purpose of advance tax is to ensure regular inflow of taxes to the government and prevent tax evasion.

• Failure t...read more

No, withholding tax and TDS are not the same.

• Withholding tax is a broader term that includes TDS (Tax Deducted at Source) as one of its components.

• TDS is a specific type of withholding tax where tax is deducted at the source of income.

• Withholding tax can also include other types of taxes withheld by a payer before paying the income to the recipient.

• For example, TDS is a form of withholding tax applied to income from in