SOLVED AIOU ASSIGNMENT 2 CODE 456 BUSINESS TAXATION
Code 456 business taxation related with introduction of
taxation and offered by Open University to Bachelor level students especially
for B.Com students. This is the 2nd solved assignment for B.Com
Students. The first question of this assignment is related with Penalty for
failure to Furnish Statements:-
Where any person, without a reasonable excuse, fails to
furnish, within the time allowed for the purpose:-
1)
Statement regarding salary,
2)
Statement regarding
dividend,
3)
Statement regarding
interest, rent, etc.,
4)
Statement regarding payment
to non-residents and contractors,
5)
Statement regarding certain
contracts,
6)
Statement regarding certain
properties.
7)
Statement regarding certain
receipts to income tax authorities.
The commissioner of income tax
shall impose an initial penalty of Rs. 2,000. Moreover a further sum of Rs. 200
for every day during which the default continues will also be payable.
PENALTY FOR CONCEALMENT OF INCOME ETC:-
Concealment of income or the
furnishing of inaccurate particulars of income shall include:-
1)
The suppression of any
income or amount chargeable to tax;
2)
Claiming any deduction for
any expenditure actually incurred; and
3)
Any act referred to in sub-section
(1) of section III.
PENALTY FOR FAILURE TO MAINTAIN RECORDS:-
Where any person has, without a reasonable excuse, fails to
maintain records, the commissioner of income Tax may impose penalty on such
person equal to:-
1.
For First Failure Rs.2000
2.
For Second Failure Rs.5000
3.
For third and subsequent
failure Rs.10000
COMPLETE SOLVED ASSIGNMENT "CLICK HERE"
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