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There are some calculations and essential aspects that you would require to learn if you own a house property that is given on rent on vacant or is self-occupied and wishes to opt for the new tax regime for the fiscal year. Learn about the concern that what is the method to compute the income […]
Various long-term and short-term investment plans are been provided by the post office however one should learn that not all the investment schemes would be free from tax since some schemes where interest provided through the post office would levy tax and no deduction is available under section 80C of the Income-tax Act, 1961. Remember […]
The specific TDS/TCS statements filing deadline has been extended by the Central Board of Direct Taxes (CBDT) to September 30, 2023. The board has given a waiver in completing the following compliance standards within the authority provided under Section 119 of the Income Tax Act, 1961: Form 26QFor any payments received except salaries, Form 26Q […]
Recently, the Government of India released a notification and mentioned that a 20% tax will be levied as TCS on international usage of credit cards. As per the notification, usage of international credit cards will be included under the Liberalised Remittance Scheme (LRS). It was cleared by the Finance Ministry in the notification that Foreign […]
Reorganizing your compensation might increase your take-home pay while lowering your tax burden. Making the decision to change the structure of your compensation package at the start of the fiscal year is one approach to do this. You may always request the same thing if your company doesn’t provide the choice. You may make sure […]
The husband would be qualified for taking the credit of TDS on the interest made on the amount gifted to his wife, Income Tax Appellate Tribunal’s (ITAT), Pune Bench ruled. The two-member bench of R.S. Syal (Vice President) and S.S. Viswanethra Ravi (Judicial Member) ruled that assessability is there in the hands of somebody other […]
AIS app for assessees is launched by the Income tax department: Mobile app for AIS. There is good news if you are an assessee. The income tax department would have started the new mobile app known as the AIS in order to obtain the Annual Information Statement (AIS). For each transaction, the assessee shall obtain […]
People working in a company who have chosen the old tax regime, reside in rented houses, Under section 10(13A) of the Income-Tax (I-T) Act, 1961, and possess the house rent allowance (HRA) elements included in their salary shall be qualified for the exemption of the HRA tax given that they would shall able to fulfil […]
The Income Tax Appellate Tribunal (ITAT) in Delhi has ruled that payments for bus hiring and wharfage costs are liable to Tax Deduction at Source under section 194C of the Income Tax Act of 1961. Section 194C of the Income Tax Act of 1961 concerns payments to contractors and subcontractors. Any individual who is liable […]
