GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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By special order, CBDT declared a foreign association to be a company for the purpose of income tax. Under Income Tax Act, 1961, such association shall be considered as
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Indian Company
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Foreign Company
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All of these
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None of these
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Explanation:
Detailed explanation-1: -Company: As per section 2(17), Company means: any institution, association or body which was assessed as a company for any assessment year under the Income-tax Act, 1922 or was assessed under this Act as a company for any assessment year commencing on or before 1.4.
Detailed explanation-2: -TDS is to be deducted at the rate of 2 % on payments made to the supplier of taxable goods and/or services, where the total value of such supply, under an individual contract, exceeds Rs.2, 50, 000.
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