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Tax Collected at Source (TCS) – Income Tax [Section 206C]

Under section 206C in some cases Tax has to be collected at source as below: Nature of Goods Percentage Rate of Tax Collection at Source(TCS) applicable Category-A (sale of the following) —   A-1. Alcoholic Liquor for Human Consumption(other than Indian Made Foreign Liquor) 1% A-2. Tendu Leaves 5% A-3. Timber […]

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Deduction of Tax at Source (TDS) – Income Tax

Person responsible for making payment of income covered by the Scheme of Tax Deducted at Source (TDS) or Deduction of Tax at Source (TDS) at the prescribed Rates. Tax so Deducted should be deposited within the prescribed Time. Moreover, Returns of TDS (Tax Deducted at Source) should be submitted within […]

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Assessment of Search, Seizure and Survey of Business or Charitable Trust

1. Assessment of Search and Seizure – Section 132 under Income Tax Act. (A) Authority who can issue order for Search and Seizure: Search and seizure can be authorised by— the Principal Director General of Income Tax/Director General of Income Tax, or the Principal Director of Income Tax/Director of Income […]

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Assessment of Individual with Computation of Tax Liability

1. Assessment of Individual An individual means a natural person i.e. human being. Individual includes a male, female, minor child and a lunatic or an idiot. In the case of male/female who is a major, income-tax will be levied on his/her Total Taxable Income separately, unless the income is to […]

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Assessment of AOP/BOI with Computation of Tax Liability

1.  Assessment of Association of Person (AOP) / Body of individual (BOI) AOP or BOI does Not include— a company; a co-operative society; a society registered under the Societies Registration Act, 1860 or under any other law corresponding to that Act in force in any part of India. An AOP […]

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Assessment of Firm with Computation of Tax Liability

1. Assessment of Firm Legally, a partnership firm does not have a separate entity from that of the partners constituting the firm as the partners are the owners of the firm. However, a firm is treated as a separate tax-entity under the Income-tax Act. Though the limited liability partnership is […]

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