Taxes are collected by three means: Voluntary payment by persons into various designated Banks. For example, Advance Tax and Self-Assessment Tax Tax Deducted at Source (TDS) on your behalf from […]
All posts by Ankit Jain - 17. page
CA in Practice
I own shares of various Indian companies and receive dividends. Is it taxable?
No. Dividend declared by Indian companies is not taxable in the hands of the shareholders because taxes on distributed profits have already been borne by the company.
How is resident / non-resident status relevant for levy of income tax?
In case of resident individuals and companies, their global income is taxable in India. However, non-residents have to pay tax only on the income earned in India or from a […]
How can I know whether a company is resident or non-resident?
A company is considered as resident if it is incorporated under the Indian Companies Act. A foreign company can also become a ‘resident’ if the control and management of its […]
Who is a resident? Income Tax
If an individual stays in India for 182 days or more in a year, he / she is treated as resident in that year regardless of his citizenship. If the […]
Is Income Tax Act applicable only to residents?
No, Income Tax Act applies to all persons who earn income in India, whether they are resident or non-resident.
Can I use PAN to pay the TDS deducted into government account?
No. You are required to have a separate Tax Deduction Account Number (TAN) by making an application in Form 49B with the TIN facilitation center of NSDL.
I am buying a property from a person residing in USA. Should I deduct tax while making payment?
Yes, u/s 195. In case you have any doubt regarding the amount on which TDS is to be made, you may file an application with the officer handling non-resident taxation […]
If the employer does not deduct tax and employee also does not pay his due tax, who will be held responsible for tax payment?
The ultimate responsibility to pay tax rests on the person who has earned income. If the employee deposits such tax then the employer will be liable for interest and penalty […]
I have deducted tax from payments disbursed but used the same for some urgent financial needs. What are the consequences?
It is an offence to misuse Tax Deducted at Source. It should have been remitted to government account within the specified time limit. Failure to deposit TDS attracts levy, interest, […]