What Is the Due Date for Payment of Tax Mcq
STEP 4. Prepare the documents: Prepare your PAN, Form 16, interest statements, TDS certificates, details of investments, insurance and home loans. Download Form 26AS, which summarizes the tax paid on your NAP. You can then validate your tax return using Form 26AS to verify your tax liability. If you earn more than Rs. 50 lakh, from this year you will have to fill in an additional column – „AL“ or assets and liabilities. You must disclose the value of your assets and liabilities. Assets must be reported at cost. STEP 5.Fill out and download the form: If you want to fill out the form offline after downloading the form and filling in all the details, click „Generate XML“.
Then, go back to the website and click on the „Download XML“ button. You must first log in to download the XML file stored on the desktop and click Send. STEP 1. Register: To file your tax return electronically, you must register on the Income Tax Service`s Online Income Tax Return (incometaxindiaefiling.gov.in) page. You will need to provide your permanent account number (PAN), name and date of birth, and then choose a password. Your PAN is your user ID. If a person fails to file an ITR by the due date, they may file a late return under subsection 139(4) of the Income Tax Act. Dynamic QR code to keep students informed of the 2021 exam copy or other CISCE notifications/circulars A tax return filed after the due date is called a „late return“. Late payment fees may be payable by those who file an ITR late.
1. An undertaking may be classified as `not having its habitual residence`. Therefore, the correct order of electronic filing of the tax return a) → c) → d) → b) Any pension paid outside India to a person of permanent residence outside India is considered to have been accrued or arising from outside India. This is a method of collecting depreciation, in which the cost of a large asset, for example, machines, is allocated to its different components, and then each component is invoiced separately for depreciation. This happens due to the fact that the components of a large asset may have different useful lives, and the depreciation of the entire machine at a constant rate would ultimately reduce the value of the asset as a whole. This method of depreciation is required by the Accounting Standards and Corporations Act, 2013. Which of the following is a correct statement about a company`s housing status? STEP 2. Choose how you want to file your electronic file: There are two ways to file your tax return electronically. One is to go to the download section and select the required form, save it to your desktop and fill out all the details offline, and then upload it to the website.
Or you can fill out the online form by selecting the Quick Electronic File option. Important pointsRescription: The decrease in the monetary value of an asset due to its constant use, wear and tear and obsolescence is called depreciation. It is considered an annual non-cash expense of a company. (ii) Control and management of the affairs of the Société Nouveau Régime Income tax rate fy 2020-21 (Applicable to all individuals and HUF). Businesses can only be divided into two categories of residential status. A business can be resident or non-resident. Arrange the steps to file the tax return electronically in the correct order: (I) Indian Company: Section 2 (26): Indian Corporation means a corporation incorporated and registered under the Companies Act 1956 which includes: The correct answer is the Taxpayer Identification Number (TIN). â¢ Contains topics that were perceived as difficult and suggestions for students.
Compensation due to disaster [Section 10 (10BC)]: A supplement of 10% (percentage) is paid by a person if the total income exceeds Rs.50.00.000. The following incomes are treated as accumulated or accumulated income in India: 3. A company can be classified as a „non-ordinary resident“ with the approval of the Ministry of Finance Key PointsAccording to the Indian Income Tax Act, income tax is levied on all individuals, HUF, partnership companies, LLP and corporations. If a person`s income exceeds the minimum threshold, they are subject to a system of taxation in brackets (known as the basic exemption limit). Deduction of TDS when withdrawing from the Provident Fund: TDS would be deducted at source if the balance accumulated at the time of withdrawal is greater than Rs. 30,000 and the PF account holder has spent less than five years in an organization, according to the requirements included in this new section. Section 192A of the Income Tax Act 1961 deals primarily with the SST (Tax deducted at source) in withdrawals from pension funds. .