TaxTMI 
TaxTMI 
Certain clarifications regarding the new simplified procedure for small businessmen
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....r a simplified scheme for payment of income-tax by small businessman. Comments or clarifications on some questions and doubts are mentioned below :— 1. What is meant by the term "vocation"? Vocation has been defined to include tailoring, hair-cutting, washing clothes, typing, photocopying, repair work of any kind and other services of a similar nature. Other services of a similar nature wo....
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....le at bank counters. Forms will also be sent to the local associations of small businessmen. Forms advertised in the newspapers can also be photocopied and filed in duplicate. Payment of tax has to be made at the bank counters. There is no need to go to the Income-tax Office for this purpose. 4. What happens if a survey team goes to a business premises and the owner of the premises shows eviden....
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....Why is this scheme limited to two assessment years only? The scheme is experimental and is initially operative for two years. Looking at the response and the success of the scheme, the Government may consider extension of this scheme. 7. What is meant by "not assessed to income-tax for any assessment year, commencing on or before 1-4-1992"? The scope of the expression "not assessed to inc....
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....on to initiate any proceedings for any earlier years merely because the assessee has filed a statement-cum-challan under the new scheme. In all cases where the assessee filing the statement in Form No. 4A/4B is actually carrying on the business or vocation mentioned in the scheme, no enquiry will be carried out. 10. Once a person files Form No. 4A/4B and pays the tax for 1993-94 and 1994-95, wi....