The Government of India has signed a Protocol with the Government of Switzerland in August 2010 for the purpose of amending the Tax Treaty between the Swiss Confederation and the Republic of India. The protocol has been signed with the intent to enable the Government of India to access the accounts maintained in the Swiss […]
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i. All existing assesses or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain PAN. ii. Any person carrying on any business or profession whose total sales, turnover or gross receipts are or is likely to exceed five lakh rupees in any previous year; iii. Any person,
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It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. From 1 January 2005 it will be mandatory to quote PAN on challans for any payments due to Income Tax Department. It is also compulsory to quote PAN in all documents pertaining to the following financial transactions :- (a) sale or
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Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application. PAN enables the department to link all transactions of the “person” with the department. These transactions include tax payments,
Every dealer who is liable to pay tax under this Act shall file return on or before 20 th of the succeeding month to Assessing authority in whose jurisdiction the principal place of business is located along with statement of purchases and sales effected by him during the month in the Form specified in Rules. Every dealer whose taxable turnover in
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1) Those dealers whose total turnover in respect of purchase and sales in the State is not less than Rs.10 lakhs for a year are to get registered under the Act. 2) The other dealers whose total turnover for a year is not less than Rs.5 lakhs shall get registered. 3) Casual Traders, agent of
TN VAT Registration – Who are Liable? Read More »
Salaried taxpayers with no other income could get a respite from filing tax returns. The income-tax (I-T) department is open to examining a proposal to exempt them from the annual chore. Asked whether the department would think about doing away with income-tax returns for employees, who had no other income apart from salaries in a
Salaried taxpayers may be spared filing returns Read More »
As per provisions of Section 80 CCF , an additional deduction of Rs.20000/- can be claimed from Gross Total Income as Deduction in addition to Rs. 100000/- under Section 80C (LIC Premium,School Fees,Housing Loan Repayment , etc.,) On account of the same, the tax savings for an Individual can be to the maximum of Rs.
Long Term Infrastructure Bonds Read More »
The sole proprietorship is the oldest, simplest, and most common form of business entity. It is a business owned by a single individual. For tax and legal liability purpose, the owner and the business are one and the same. The proprietorship is not taxed as separate entity. Note that the earnings of the business are
SOLE PROPRIETORSHIP IN INDIA Read More »
A partnership is a business entity having two or more owners. Earnings are distributed according to the partnership agreement and are treated as personal income for tax purposes. Thus, like the sole proprietorship, the partnership is simply a conduit for directing income to its partners. Partnership has a unique liability situation. Each partner is jointly
PARTNERSHIP FIRM IN INDIA Read More »
This scheme is applicable in respective of Companies which have been registered under the Companies Act,1956 , but due to various reasons could not be operative since incorporation or commenced business but became inoperative later on. These defunct companies have an option of getting their names strike off from the Register of Companies. In
Easy Exit Scheme 2011 Read More »
A private limited company is a voluntary association of not less than two and not more than fifty members, whose liability is limited, the transfer of whose shares is limited to its members and who is not allowed to invite the general public to subscribe to its shares or debentures. Its main features are :-
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Comparison between Proprietorship, Partnership & Private Limited Companies
Proprietorship,Partnership & Private Limited Company Comparison Read More »
Hi , We are Posting useful articles in this Blog relating to Income-tax,Corporate Law , VAT,Service Tax,etc.., Visit our Blog regularly to have an update on the above
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