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A new chapter viii titled ‘Equalisation levy’ is inserted in the finance bill which will take effect from the 1st of June 2016 to provide for an equalization levy of 6 % of the amount of consideration for specified services received or receivable by a non-resident not having a permanent establishment (‘PE’) in India, from […]
Even after almost a month of the launch of GST in India, people and businesses are still struggling to accept it completely. Let’s see how people from different areas are reacting to GST and what are their concerns.
Indian tax forms are used to document information in compliance with the Income Tax Act of 1961 and in accordance with the Income Tax Rules (codified in 1962), which govern the process of filing income tax returns in India. Two of such forms are Form 3CA & Form 3CB. Latest Update Filing 3CA and 3CB Form Via Software […]
If you are a salaried person, you must have got your Form 16 from your employer If the total income is more than Rs 5 lakh one has to mandatory go for e-filing. Also, refund of taxes becomes much faster when you opt for e-filing. These days one has various options through which he/she can […]
Form 16 is a TDS certificate, which is given by employers to employees certifying that TDS has been deducted from their salary. According to the tax rules of India, every employer must deduct a certain amount of salary as TDS at an average rate of income tax. The basic funda is if your net earnings are […]
The income tax department gave a surprise to all payers of TDS by making an announcement that now department will pay interest on delayed TDS deduction refund and will also not lawsuit with the deductor on this issue in the future. The Central Board of Direct Taxes (CBDT) has given instructions about this to officers […]
1. Section 192(A) – Payment of an accumulated balance of PF due to an employee. The threshold limit increased to Rs. 50,000 from the prior limit Rs. 30,000 for the purpose of deducting TDS. Means, no TDS applicable if PF withdrawal amount is less than Rs 50,000. 2. Section 194BB – Wining from Horse Race, […]
Banks have the privilege to deduct a collection of revenue income officially termed TDS, which is a method of collecting tax on one’s interest income. Also, there’s an exemption limit of Rs. 2,50,000 under which, if your overall income falls, the same is charged. According to the Section 194A of the IT Act, 1961, banks […]
The Union Budget 2022 is closing near day by day as the budget will be presented on February 1, 2022, by the FM, Nirmala Sitharaman. The mango people have many more expectations from this budget. Therefore, we come with seven common expectations from the mango man. Interest Deduction on Self-occupied House Presently the Section 24B […]
