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Tax Deduction Account Number
In India, a Tax Deduction and Collection Account Number (TAN) is a 10 digit alpha-numeric number issued by the Income Tax Department to the persons who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961. Significance The Tax Deducted at Source (TDS) on payments made by assessees is deposited under the TAN to enable the assessees who have received the payments to claim the tax deducted in their income tax return. ApplicationTAN is applied through "''Form No. 49B''" (prescribed under Indian Income Tax Law). A completed form can be submitted online at the NSDL website or at the "Tax Information Network Facilitation Center" (TIN-FC). These centers are established by NSDL, an appointed intermediary by the Central Government, across India. TAN is required to be quoted in all TDS/TCS returns, all TDS/TCS payment challans and all TDS/TCS certificates to be issued. TDS/TCS returns will not be accepted if TAN is not quoted and challans fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Deducted At Source
Tax deduction at source (TDS) in India is a means of collecting tax on income, dividends, or asset sales by requiring the payer (or legal intermediary) to deduct tax due before paying the balance to the payee (and the tax to the revenue authority). Under the Indian Income Tax Act of 1961, income tax must be deducted at source as per the provisions of the Income Tax Act, 1961. Any payment covered under these provisions shall be paid after deducting a prescribed percentage of income tax. It is managed by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue managed by the Indian Revenue Service. It has great importance while conducting tax audits. Assessee is also required to file quarterly returns to CBDT. Returns state the TDS deducted & paid to the government during the Quarter to which it relates. Objectives of income tax deducted at source Tax deduction at source (TDS) has come into exitance with the motive of collecting tax from different sour ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Challan
Challan or Chalan is a common Hindi word (चालान, cālān) that has become an Indian English technical word used officially in many professional, especially financial transactions. It usually means an official form or receipt of acknowledgement or other kind of proof document, piece of paperwork, police citation, etc. According to American Merriam-Webster Dictionary "Chalan" means voucher or invoice, comes from Hindi word of same sound and used in India. Similarly, British-English Dictionary Lexico also defines Challan as noun, "an official form or document, such as a receipt, invoice, or summons," and verb, "issue (someone) with an official notice of a traffic offence" and gives several examples of their applications, which are also paralleled by the Oxford Learner's Dictionary's two separate entries on the same. Wiktionary also gives examples of application the word Challain southeast Asia including its use as a verb with challaning and challaned used similar in cont ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Securities Depository Limited
National Securities Depository Limited (NSDL) is an Indian central securities depository, based in Mumbai. It was established in August 1996 as the first electronic securities depository in India with national coverage. It was established based on a suggestion by a national institution responsible for the economic development of India. It's demat accounts now hold assets worth $4 trillion. NSDL provides services to investors, stock brokers, custodians, issuer companies, Saving account current account Business corresponding etc. through its nationwide network of Depository Participants or DPs and digital platforms. History Although India had a vibrant capital market which is more than a century old, the paper-based settlement of trades caused substantial problems such as bad delivery and delayed transfer of title. The promulgation of the Depositories ordinance in 1995 paved the way for the establishment of National Securities Depository Limited (NSDL), the first depository in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hindu Joint Family
Hindus (; ) are people who religiously adhere to Hinduism.Jeffery D. Long (2007), A Vision for Hinduism, IB Tauris, , pages 35–37 Historically, the term has also been used as a geographical, cultural, and later religious identifier for people living in the Indian subcontinent. The term ''"Hindu"'' traces back to Old Persian which derived these names from the Sanskrit name ''Sindhu'' (सिन्धु ), referring to the river Indus. The Greek cognates of the same terms are "''Indus''" (for the river) and "''India''" (for the land of the river). The term "''Hindu''" also implied a geographic, ethnic or cultural identifier for people living in the Indian subcontinent around or beyond the Indus River, Sindhu (Indus) River. By the 16th century CE, the term began to refer to residents of the subcontinent who were not Turkic peoples, Turkic or Muslims. Hindoo is an archaic spelling variant, whose use today is considered derogatory. The historical development of Hindu self-i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sole Proprietorship
A sole proprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity. A sole trader does not necessarily work alone and may employ other people. The sole trader receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts. Every asset of the business is owned by the proprietor, and all debts of the business are that of the proprietor. It is a "sole" proprietorship in contrast with a partnership, which has at least two owners. Sole proprietors may use a trade name or business name other than their or its legal name. They may have to trademark their business name legally if it differs from their own legal name, with the process varying depending upon country of residence. Advantages and disadvantages Registration of a business name for a sole propri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax In India
Income tax in India is governed by Entry 82 of the Union List of the Seventh Schedule to the Constitution of India, empowering the central government to tax non-agricultural income; agricultural income is defined in Section 10(1) of the Income-tax Act, 1961. Income-tax law consists of the 1961 act, Income Tax Rules 1962, Notifications and Circulars issued by the Central Board of Direct Taxes (CBDT), annual Finance Acts, and judicial pronouncements by the Supreme and high courts. The government taxes certain income of individuals, Hindu Undivided Families (HUF's), companies, firms, LLPs, associations, bodies, local authorities and any other juridical person. Personal tax depends on residential status. The CBDT administers the Income Tax Department, which is part of the Ministry of Finance's Department of Revenue. Income tax is a key source of government funding. The Income Tax Department is the central government's largest revenue generator; total tax revenue increased ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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