Deduction at Source and Advance Payment

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.

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.

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.

<p>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.</p> Signup and view all the answers

<p>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.</p> Signup and view all the answers

<p>investors, creditors, management, and regulators</p> Signup and view all the answers

<p>financial accounting, management accounting, tax accounting, and cost accounting</p> Signup and view all the answers

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

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

<p>to create summaries and reports for accounting purposes</p> Signup and view all the answers

<p>Savings accounts</p> Signup and view all the answers

<p>To report the balance of accounts</p> Signup and view all the answers

<p>They are recorded in the customer's designated account</p> Signup and view all the answers

<p>A deposit of funds</p> Signup and view all the answers

<p>Yes, a customer may have more than one account</p> Signup and view all the answers