income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 January 2011
explain the statutory liabilities under the head business and profession
26 January 2011
Income Tax
Wealth Tax
Vat
Excise Duties,
Service Tax
PF,ESIC etc.
Any other Tax, Cess,Duty,Levy (in whatever name it is called)
For simplicity, you can take a liability as statutory if it is required to be paid due to some Act in force i.e. Income-Tax Act etc.
.
.
For more clarity for practical purpose; see how many types of payments are required by the organisations during the year.
.
You can also refer the previous year profit and loss account and balance sheets to know such payments made by the organisation.
Wealth Tax
Vat
Excise Duties,
Service Tax
PF,ESIC etc.
Any other Tax, Cess,Duty,Levy (in whatever name it is called)
For simplicity, you can take a liability as statutory if it is required to be paid due to some Act in force i.e. Income-Tax Act etc.
.
.
For more clarity for practical purpose; see how many types of payments are required by the organisations during the year.
.
You can also refer the previous year profit and loss account and balance sheets to know such payments made by the organisation.
Guest
Guest
(Expert)
28 January 2011
Agree with Mr. Rakhecha
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