VAP & Associates – Commonly Asked FAQs

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VAP & Associates – Commonly Asked FAQs2016-11-15T17:30:54+05:30

Some of the commonly asked questions are –

What is TDS2016-11-15T17:32:57+05:30

TDS refers to Tax deducted at source. According to the Income Tax Act 1961 the persons who are responsible for making payments are required to deduct tax at source. The concept says that the person who are making payments of specified nature to some other person shall deduct tax at source and remit the deducted amount to the Central Government account.  The recipients from whom the amount has been deducted are likely to get the credit in his account as per the certificate issued by the deducter.

Methods of payment of TDS –

  1. Corporate Assesses and all the other assesses (except companies) to whom section 44AB is applicable are required to make E-payment.
  2. Other mode an assesses can adopt is by filling Challan 281 in the authorized bank.
What is Income Tax2016-11-15T13:10:04+05:30

Income Tax is a tax imposed by the government on  the financial income earned by all the entities. The tax imposed widely varies within the jurisdiction. Business and individual has to file an income tax return every year to determine whether they are eligible for  tax return or are owed for payment of tax. Income Tax is the key source of government for the development of an country.

 

What is Service Tax2016-11-16T10:58:21+05:30

Service Tax is an indirect tax levied on certain services provided by certain categories of persons including companies ,association of person, body of individuals etc., Today services cover wide range of activities such as hospitality, banking, insurance, management, communication, administration, entertainment, research and development forming part of retailing sector.

In the contemporary world, development of service sector has become synonyms with the advancement of the economy.

Rate of Service Tax

The Central board of excise and customs has been entrusted with the task of administration of service tax.  Service tax is charged @15 % plus education cess @2% and SHEC( Secondary and higher education cess) @ 1%. Education cess and SHEC depends on the nature of the tax imposed.

Will I have to Pay Tax?2016-06-24T11:18:05+05:30
What is PAN Card?2016-11-15T17:35:55+05:30

Section 139A(1) casts an obligation on every person whose total income or the total income of any other person in respect of which he is assessable, exceeds the maximum amount which is not chargeable to tax and he is already not holding any Permanent Account Number, to apply the assessing officer for allotment of Permanent account number( PAN), in the prescribed form.

Documents Required to obtain PAN

  1. Any person carrying on business or profession whose total sales, turnover or gross receipts are or is likely to exceed 5,00,000 in any previous year and who has not been allotted any Permanent Account number.
  2. Any person, who is required to furnish return of income under section 139(4A).
  3. Any person being an employer who is requited to furnish a return of fringe benefits under section 115WD.
  4.  Any other person can also apply for a PAN.

Procedure for applying Permanent Account number

  1. Application Form:  Applicant has to fill form no:49A. They can obtain PAN form from any stationery vendor or can download from TIN website www.tin-nsdl.com.
  2. Applicant has to pay a nominal fee of 85 (service tax as applicable)
  3. Form should be accompanied by proof of identity, address and date of birth.

 

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