income tax

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Querist : Anonymous (Querist)

26 January 2011 explain the statutory liabilities under the head business and profession

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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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.
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For more clarity for practical purpose; see how many types of payments are required by the organisations during the year.

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You can also refer the previous year profit and loss account and balance sheets to know such payments made by the organisation.

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Guest (Expert)

28 January 2011 Agree with Mr. Rakhecha

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