This section is applicable when rent is received for land, building, plant and machinery, equipments, furniture and fittings whether given separately or together. Persons required to deduct tax: Any person (other than an individual or HUF who is not liable for audit under section 44AB) who is responsible for paying rent to a resident is…
Persons required to deduct and collect tax: Any person who is responsible for paying to a resident, commission (not being insurance commission under section 194D) or brokerage is required to deduct TD However, Individuals and HUF only those who are liable to audit under section 44AB are liable to deduct tax on any type of…
Advance tax refers to paying a part of your taxes before the end of the financial year. Also called ‘pay-as-you-earn’ scheme, advance tax is the income tax payable if your tax liability is more than Rs. 10,000 in a financial year. It should be paid in the year in which the income is earned /…
Limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore exhibits elements of partnerships and corporations. In an LLP one partner is not responsible or liable for another partner's misconduct or negligence. LLP is an alternative business vehicle that gives the benefits of Limited Liability Company and flexibility…
