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Deduction at Source and Advance Payment

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Questions and Answers

What are the different methods of payment for income tax?

The different methods of payment for income tax are deduction or collection at source, advance payment, payment under sub-section (1A) of section 192, and direct payment.

What does section 190 of the text state?

Section 190 states that the tax on income, even if the regular assessment is to be made in a later assessment year, shall be payable by deduction or collection at source, advance payment, or payment under sub-section (1A) of section 192.

What does section 191 of the text state?

Section 191 states that in cases where income tax is not deducted at the time of payment or not deducted in accordance with the provisions of the chapter, the assessee shall be liable to pay income tax directly.

What does sub-section (1) of section 191 of the text specify?

Sub-section (1) of section 191 specifies that in the absence of provisions for deducting income tax at the time of payment, income tax shall be paid by the assessee directly. Signup and view all the answers

What is the purpose of sub-section (2) of section 191 of the text?

The purpose of sub-section (2) of section 191 is to provide guidelines for the assessee to pay income tax directly in cases where income tax has not been deducted in accordance with the provisions of the chapter. Signup and view all the answers

What are the main stakeholders that accounting conveys information to?

investors, creditors, management, and regulators Signup and view all the answers

What are the different fields of accounting?

financial accounting, management accounting, tax accounting, and cost accounting Signup and view all the answers

What is the focus of financial accounting?

reporting of an organization's financial information to external users Signup and view all the answers

What is the focus of management accounting?

measurement, analysis, and reporting of information for internal use by management Signup and view all the answers

What is the purpose of recording financial transactions?

to create summaries and reports for accounting purposes Signup and view all the answers

Which type of account is NOT commonly understood and classified by financial institutions?

Savings accounts (A) Signup and view all the answers

What is the purpose of a bank statement?

To report the balance of accounts (B) Signup and view all the answers

What happens to funds entrusted by a customer to a financial institution on deposit?

They are recorded in the customer's designated account (A) Signup and view all the answers

What is the nature of a bank account in most legal systems?

A deposit of funds (A) Signup and view all the answers

Can a customer have more than one bank account?

Yes, a customer may have more than one account (A) Signup and view all the answers

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