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The person whose annual turnover is above 5,00,000. He is liable to pay tot tax
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∙ 13y ago
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What is the definition of Turnover as per Income tax Act?
Turnover is not defined in Income Tax Act.Correct me if i am wrong.
Can an executor be held personally liable for the estate tax?
can the executor be liable for estate tax
Is TDS a Direct Tax or Indirect Tax?
According to me tds is indirect tax because the concept of indirect tax is the tax is implement on that person is not liable to pay tax its burden is transfer to another person and who is liable to pay ta
As an corporation, am I responsible or liable for depositing employment tax?
Yes, you are responsible for depositing employment tax. The liabilities for the tax are split between the corporation and the business owner
Who pays an inheritance tax?
Inheritance Tax is paid by the deceased individual's estate. To the degree that an estate's assets are reduced by the payment of inheritance taxes it can be said that heirs "pay" the tax but they are not liable for payment of the tax. An executor/executrix is responsible for determining if taxes are owed, for filing the appropriate tax returns and for making the necessary tax payments. An executor/executix is personally liable should taxes that are owed fail to be paid.
What is the definition of Turnover as per Income tax Act?
Turnover is not defined in Income Tax Act.Correct me if i am wrong.
Can an executor be held personally liable for the estate tax?
can the executor be liable for estate tax
What is cot tax in india?
Commission on turnover
Is TDS a Direct Tax or Indirect Tax?
According to me tds is indirect tax because the concept of indirect tax is the tax is implement on that person is not liable to pay tax its burden is transfer to another person and who is liable to pay ta
What is turnover in an organization?
Total of all balances of a business in a given tax year, all credit received counts as turnover.
Is the city monaco in France tax free?
This is a review over the taxes employed:Income Tax - NoneWeath Tax - NoneCorporate Tax - None if less than 25% of turnover is made outside MonacoCorporate Tax - More 25%, the rate is tailored to the company in questionCorporate Income (Profit) Tax - 33% over total turnover (in and outside Monaco)Property Tax - NoneRental Property Tax - 1%
Can one be liable for state income tax despite not being liable for federal income tax?
Yes this could be possible as states do have there own tax rules and filing requirements. You should be able to get the forms and instruction from your state tax department website.
Am you liable for your husbands tax evasion?
In most cases, if you filed taxes jointly, you are liable for your husband's tax evasion. You can file for an "innocent spouse" relief that may protect you from some of the penalties.
What has the author Arindam Das-Gupta written?
Arindam Das-Gupta has written: 'The compliance cost of the personal income tax in India, 2000-01' -- subject(s): Income tax, Compliance costs 'Incentives and institutional reform in tax enforcement' -- subject(s): Taxation, Tax incentives, Tax administration and procedure 'The VAT versus the turnover tax with non-competitive firms' -- subject(s): Turnover tax, Value-added tax
Who is not liable for paying tax in UK?
Income tax - everyone is liable but if you work less than about 300 hours a year, you will pay none as that, at minimum wage, is the single person's tax-free allowance. If you mean taxes in general, everyone pays something somewhere.
When you marry someone who has a tax payment to IRS are you liable for payments too?
yes
What is the difference between Turnover tax and VAT?
A value added tax (VAT) is a form of consumption tax. It is collected by VAT-registered traders on their supplies of goods and services effected within the State, for consideration, to their customers. Generally, each such trader in the chain of supply from manufacturer through to retailer charges VAT on his or her sales* and is entitled to deduct from this amount the VAT paid on his or her purchases.A turnover tax is a tax applied to a product at a specific stage of production, rather than being charged at the point of sale, as with sales taxes. Turnover tax 4% is leviable on those person and organization where turnover amount is less than Tk.20 Lac yearly under See 8 and See 4 Bangladesh VAT Act 1991.
