NEWspaper Agency assessment ?
This query is : Resolved
19 July 2010
How is NEWSpaper Agency ASSESSed as
like Times of india, hindustan times
under section 2(21) of the it
How is NEWSpaper Agency ASSESSed as
like Times of india, hindustan times
under section 2(21) of the it
19 July 2010
duplicaiton , already answered by chackrapani ji.
https://www.caclubindia.com/experts/newpaper-priniting-press-assessed--435910.asp
duplicaiton , already answered by chackrapani ji.
https://www.caclubindia.com/experts/newpaper-priniting-press-assessed--435910.asp
19 July 2010
How can we assess the income of
TOI
and hindustan times as ??
Eg. company, firms , AJP ?
TOI
and hindustan times as ??
Eg. company, firms , AJP ?
04 August 2024
Under Section 2(21) of the Income Tax Act, 1961, the term "assessee" is broadly defined to include any person who is liable to pay tax or any other sum of money under the Act. This definition covers various entities including individuals, Hindu Undivided Families (HUFs), companies, firms, association of persons (AOPs), body of individuals (BOIs), local authorities, etc.
When assessing the income of newspaper agencies like Times of India (TOI) and Hindustan Times, the classification of the entity for tax purposes would typically fall under the category of a company. Here’s why:
1. **Structure and Legal Form:**
- Newspaper agencies such as Times of India and Hindustan Times are usually structured as companies. They are incorporated entities under the Companies Act, 2013, or earlier Company Law Acts.
2. **Taxation as a Company:**
- Companies are assessed separately from their owners/shareholders for income tax purposes. They are taxed at the applicable corporate tax rates on their profits.
3. **Other Possible Classifications:**
- While newspaper agencies could theoretically be structured as other entities such as firms (partnerships) or AOPs (association of persons), it's more common for large-scale newspapers like TOI and Hindustan Times to be structured as companies due to their size, operational complexity, and legal requirements.
### Assessing Income for TOI and Hindustan Times:
- **Income Tax Return (ITR) Filing:** These newspaper agencies would file their income tax returns using the appropriate forms for companies (such as Form ITR-6).
- **Taxation:** They would be subject to corporate tax rates applicable to companies in India, currently governed by the Income Tax Act.
- **Audited Financial Statements:** Like all companies, TOI and Hindustan Times would prepare audited financial statements annually, which include the profit and loss account, balance sheet, and other relevant financial disclosures.
### Conclusion:
In summary, newspaper agencies such as Times of India and Hindustan Times are typically assessed as companies under the Income Tax Act, 1961, due to their legal structure and size. Therefore, they would file income tax returns as companies and be subject to corporate taxation rules applicable to such entities in India.
When assessing the income of newspaper agencies like Times of India (TOI) and Hindustan Times, the classification of the entity for tax purposes would typically fall under the category of a company. Here’s why:
1. **Structure and Legal Form:**
- Newspaper agencies such as Times of India and Hindustan Times are usually structured as companies. They are incorporated entities under the Companies Act, 2013, or earlier Company Law Acts.
2. **Taxation as a Company:**
- Companies are assessed separately from their owners/shareholders for income tax purposes. They are taxed at the applicable corporate tax rates on their profits.
3. **Other Possible Classifications:**
- While newspaper agencies could theoretically be structured as other entities such as firms (partnerships) or AOPs (association of persons), it's more common for large-scale newspapers like TOI and Hindustan Times to be structured as companies due to their size, operational complexity, and legal requirements.
### Assessing Income for TOI and Hindustan Times:
- **Income Tax Return (ITR) Filing:** These newspaper agencies would file their income tax returns using the appropriate forms for companies (such as Form ITR-6).
- **Taxation:** They would be subject to corporate tax rates applicable to companies in India, currently governed by the Income Tax Act.
- **Audited Financial Statements:** Like all companies, TOI and Hindustan Times would prepare audited financial statements annually, which include the profit and loss account, balance sheet, and other relevant financial disclosures.
### Conclusion:
In summary, newspaper agencies such as Times of India and Hindustan Times are typically assessed as companies under the Income Tax Act, 1961, due to their legal structure and size. Therefore, they would file income tax returns as companies and be subject to corporate taxation rules applicable to such entities in India.
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