Who is Liable to Pay Income TaxPrakash Yedhula
3. Married Couples: For married couples, the responsibility for filing a tax return depends on their marital status. If you are married and file your taxes jointly, both spouses are responsible for filing a tax return together. However, if you choose to file separately, each spouse is account...
If your spouse has overdue taxes that you don’t want to be held liable for, if you’re in the middle of a divorce, or if you feel your spouse is being dishonest about tax information, filing separately could make sense for your situation. You might consider talking to a tax pro i...
If you opt for this scheme, you must register under GST, even if your turnover is below the threshold limit. This scheme offers lower tax rates but comes with certain restrictions. 5. Receiving Taxable Supplies from Unregistered Persons If you receive taxable supplies from unregistered persons ...
If an individual is an employee who is paid commissions by the employer, the employer withholds the taxes and pays the IRS. If the individual is a self-employed independent contractor, the individual is responsible for remitting the appropriate amount of taxes to the tax authorities. ...
Learn more about who is eligible to apply for a business credit card and what to include on your credit card application.
When estimating construction costs, the type of contract can govern how (or if) sales tax is included. Two of the five main contract formats can play a significant role in this determination: Lump-sum contracts do not separate materials from labor, so contractors are liable to pay sales tax...
Disputes over Liability:There can be disputes over who is responsible for specific liabilities. For example, if a customer slips and falls in the common area of a commercial building, both the landlord and the tenant may be held liable. It is essential to clearly outline the liability responsib...
ASUS accepts no responsibility for any tax implications that may arise from YOUR acceptance of the prize. Independent financial advice should be sought by YOU. 8.5.2 A prize, in whole or in part, is not allowed to transfer or exchange and cannot be liquidated unless specified otherwise. 8....
Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where the person responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc. is liable to deduct a certain percentage of tax before making payment in full to the rece...