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Q-1. What is MAT under the Income Tax Act, 1961?
Ans : MAT means Minimum Alternate Tax that domestic company, as assessee has to pay as income tax in a particular assessment year, in cases where the regular corporate tax is lower than the MAT. MAT is computed on the book profits subject to certain prescribed adjustments at the rate of 10% plus SC & Cess as in force in respect thereof.
Q-2. How many kinds of Companies are formed under the Companies Act, 1956?
Ans : There are two types of companies that are registered under the Companies Act, 1956.
These are :
Private Limited Company :
- Registered with minimum paid up capital of Rs.1 Lac.
- With minimum of 2 and maximum numbers of 50 members.
- With minimum of two directors.
- Prohibits any invitation to the public to subscribe any shares or debenture.
- Restricts the right to transfer its shares.
Public Limited Company :
- Registered with minimum paid up capital of Rs.5 Lac.
- With minimum of 7 and no limit on maximum number of members.
- With minimum of three directors.
- Invite public to subscribe shares or debentures.
Q-3. Upto which year income tax exemption is available EOU registered with STPT?
Ans : Export Oriented Unit registered with the software technology parks of India (STPI) is entitled for 100% tax exemption u/ s 10A of the Income tax Act, 1961 with respect to profits earned by it upto 31-03-2009.
Q-4. What is current general rate of service tax (ST)?
Ans : General rate of service tax is 12.66% charged on the gross value of the taxable service provided by the service provider. However there are certain abetments in certain taxable services as per the executive instructions or by specific notification also. Liability to pay service tax arises only on the receipt of payment towards the taxable service provided. Amount of service tax must be mentioned separately in the invoices so raised on clients or customers for taxable services so provided by the service providers.
Q-5. How to obtain PAN (Permanent Account Number)?
Ans : PAN can be obtained by filing the Application for Allotment of Permanent Account Number in Form 49A either through NSDL-TIN website or TIN facilitation Centre (TIN - FC). Form 49A - an application form for PAN in the format prescribed by Income Tax Department from TIN-Facilitation Centres (TIN-FCs) or through, any other stationery vendors providing such forms or from NSDL-TIN website.
Q-6. Where one can file the TDS / TCS return?
Ans : TDS/TCS return can be filed at any of the TIN-FCs managed by NSDL. TIN-FCs are established at different locations across the country with there addresses provided in the NSDL - TIN websites. These returns can also be filed online at NSDL-TIN web site.
Q-7. What is the meaning of HUF?
Ans : HUF (Hindu Undivided Family) means and includes all male and females member of a Hindu family who acquires an interest in the property of the Joint Family by birth.
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