Income Tax returns
Income Tax refers to the direct tax paid on income, to the government, withina given financial year (April-March). When the total income of a person from all sources of income exceeds the maximum amountpermissible which is not chargeable to income-tax by the government, then that person is liable to file the Income Tax Return. Section 139(1) of the Income Tax Act was amended a fewyears back with a view to bring a larger number of persons in the tax net
Permanent Account Number (PAN) is unique alphanumeric combination issued to all juristic entities identifiable under the Indian Income Tax Act 1961. It is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT) and is almost equivalent to a national identification number.
Service tax is a part of Central Excise in India. It is a tax levied on services provided in India, except the State of Jammu and Kashmir. The responsibility of collecting the tax lies with the Central Board of Excise and Customs(CBEC).
A value added tax or value-added tax (VAT) is a form of consumption tax. From the perspective of the buyer, it is a tax on the purchase price. From that of the seller, it is a tax only on the "value added" to a product, material or service, from an accounting point of view, by this stage of its manufacture or distribution. The manufacturer remits to the government the difference between these two amounts, and retains the rest for themselves to offset the taxes they had previously paid on the inputs.
The registration of companies as also subsequent filings can be done online. Still, there are a couple of stages where an authorized person has to make a personal appearance for instance, during the vetting of the memorandum and articles of association and during the stamping of the documents.
The Income Tax Department has put on its website the list of income tax refunds of all salary tax payers which could not be sent to the concerned persons for want of correct address. Salary taxpayers who have not received refunds for assessment years 2003-04 to 2006-07 can click on the link below and query using the PAN number and assessment year whether any refund due to them has been returned undelivered.
Accountants measure a business entity's income, expenses and changes resources. Back in the day, prior to the widespread use of spread sheet and computer applications, Accountants used journals and ledgers in which they recorded business transactions. Hence the term keeping the books. As computer applications became main stream, this keeping of the books Accountants do, has gradually migrated into computerized spreadsheets.
Tax Deducted at Source is one of the modes of collecting Income-tax from the assessees in India. This is governed under Indian Income Tax Act, 1961, by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue managed by Indian Revenue Service (IRS), Ministry of Finance, Govt. of India.