New TDS Rule: Tax Deducted at Source (TDS) on benefits received from business for sales promotion will be applicable to social media influencers and doctors. The Central Board of Direct Taxes (CBDT) has released guidelines on the applicability of the new provision. The Union Budget had brought in the provision of TDS on such income […]
Read moreTDS Rate Chart for FY 2022-23: New rates of Tax Deducted at source (TDS) under Income Tax Act, 1961 and many new TDS section are announced. Self assessment tax is paid after the end of financial year, while advance tax is paid during the financial year. TDS is deducted when income is accrued or received by the assesse and adjusted with […]
Read moreAfter the removal of the Dividend Distribution Tax (DDT), dividend income becomes taxable in the hands of investors, and tax deduction at source (TDS) becomes applicable on dividend payout u/s 194 of the Income Tax Act. Section 194 is applicable from 1st April 2020 i.e. FY 2020-21 onwards. If the investor’s PAN is available, 10% […]
Read moreGovernment amazed the businesses by proposing a new TDS section in the Union budget 2021; it’s going to impact every business operations drastically in India. This new section 194Q is related to TDS on Purchase Transactions under Income Tax Act, 1961. Government keeps amending, proposing and introducing Income tax sections in our country in order to […]
Read moreTax Deducted at source (TDS) is required to be deducted at the time of making payment. Self assessment tax is paid after the end of financial year, while advance tax is paid during the financial year. TDS is deducted when income is accrued or received by the assesse and adjusted with the income tax liability at the time of filing […]
Read moreTDS under Section 194C: Tax deduction at source is a means to avoid the increase in unaccounted incomes. On few transactions specified by the Government of India the payee deduct TDS from the amount payable and deposits that amount to the government as TDS in name of the receiver. The receiver is allowed to adjust […]
Read moreLIC is a contract with insurance company that provides a lump-sum agreed amount to the beneficiaries, in case of death of insured. Life Insurance Policy (LIP) is useful for saving Tax as well. Lets discuss benefits of Life insurance under Income tax. Tax Deduction of Premium paid Whenever, one takes life insurance policy, first we […]
Read moreClaim lower/nil TDS deduction- Form 15G, Form 15H and Form 13 As per the provisions of Income tax, TDS/TCS is required to be deducted/ collected at the time of making payment. However, sometimes what happens is that your estimated final tax payable is lower than the TDS/TCS being deducted/collected which results in paying taxes higher […]
Read moreTDS stands for tax deduction at source. The Government of India introduced TDS in India to avoid increase in unaccounted incomes. On few transactions specified by the Government of India the payee deposits some amount to government as TDS in name of receiver. The receiver is allowed to adjust such TDS against total tax liability. […]
Read moreMany a times, when person joins job for the very first time, gets confused that in the appointment letter income from salary has been mentioned different and when they get paid, it’s different amount. This is mostly because COST TO COMPANY (CTC) has been mentioned, which includes salary, allowances and perquisites. These are like medical, […]
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