in the future - u will be able to do some more stuff here,,,!! like pat catgirl- i mean um yeah... for now u can only see others's posts :c
What are the precaution that I should take while filling-up the tax payment challan?
(i) Head of payment, i.e., Corporation Tax/Income-tax (other than companies)
(ii) Amount and mode of payment of tax
(iii) Type of payment [i.e., Advance tax/Self assessment tax/Tax on regular assessment/Tax on Dividend/Tax on distributed Income to Unit holders/Surtax]
(iv) Assessment year
(v) The unique identification number called as PAN [Permanent Account Number] allotted by the IT Department.
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How does the government collect taxes?
a) voluntary payment by taxpayers into various designated Banks. For example, Advance Tax and Self Assessment Tax paid by the taxpayers,
b) Taxes deducted at source [TDS] from the income of the receiver,
c) Taxes collected at source [TCS].
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In the challan there are terms like income-tax on companies and income-tax other than companies. what do they mean?
(i) The tax that is to be paid by the companies on their income is called as corporate tax.
(ii) For payment of same in the challan it is mentioned as Income-tax on Companies (Corporation tax)-0020.
(iii) Tax paid by non-corporate assessees is called as Income-tax.
(iv) for payment of the same in the challan it is to be mentioned as Income-tax (other than Companies)-0021.
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In case of all the assessees (other than the eligible assessees as referred to in section 44AD and 44ADA). How advance tax calculated
i) Atleast to 15 per cent – On or before 15th June
ii) Atleast to 45 per cent – On or before 15th September
iii) Atleast to 75 per cent – On or before 15th December
iv) Atleast to 100 per cent –On or before 15th March
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X and Y are partners in a Farm sharing profit in ratio of 4:5. X surrender 1/4 of his share and Y surrenders 1/5 of his share in favour of Z, the new partner. What will be the new profit sharing ratio of the firm’s partners?
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Which one of the following non-tariff barriers is to be adequately addressed by India while signing FTA with any country that has potential to import fruits, vegetables and other plant based products from India?
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