INTRODUCTION TO ENTREPRENEURSHIP
CHARACTERISTICS OF AN ENTREPRENEUR
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Failure to apply for a loan or a grant
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Failure to pay taxes for the new business
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Lack of a good advertising campaign
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Shortage of trained employees
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Detailed explanation-1: -Interest in case of non-deduction of TDS – Interest shall be levied 1% for every month or part of the month from the date on which TDS was deductible till the date on which TDS actually deducted.
Detailed explanation-2: -Penalty shall be: a) a sum equal to 2% of value of transaction in respect of which such failure has taken place, if such transaction had effect of, directly or indirectly, transferring right of management or control in relation to the Indian concern; b) a sum of Rs. 5, 000 in any other case.
Detailed explanation-3: -You may qualify for penalty relief if you demonstrate that you exercised ordinary care and prudence and were nevertheless unable to file your return or pay your taxes on time. Examples of valid reasons for failing to file or pay on time may include: Fires, natural disasters or civil disturbances.
Detailed explanation-4: -Non-compliance with TDS regulations In case of failure to do so, a penalty of Rs 10, 000 will be imposed. If the company or organisation fails to file tax deducted at source (TDS) or tax collected at source (TCS) within the deadlines, they have to bear a penalty of Rs 200 per day for the delay.