Further, when the buyer pays this TDS amount to the government, a challan no. will be issued. While filing TCS returns, you have to provide this challan no. and date against which TDS was paid. The challan details details won’t have to be filled at the transaction level in TallyPrime...
Although Advance Tax is liable to be paid on all incomes including Capital Gains, it is difficult to estimate the Capital Gains which may arise in an year. Therefore, in such cases, it is provided that if any such income arises after the due date of any installment, then, the entire amo...
You get tax refund only when you’ve paid more taxes (either by way of TDS or Advance Tax or Self-Assessment Tax) than you’re supposed to. The tax is calculated after taking into consideration all the deductions and exemptions at the time of filing of Income Tax Return. The taxpayer ha...
EPF Account 1 (Non-Taxable Contribution) – This will include the EPF account balance (including interest accrued but not paid) till 31stMarch 2021. Plus all your EPF + VPF contributions made during the FY up to Rs 2.5 lakh only. It will also continue to accrue and add the interest gener...
Before jumping into know the process of submitting the Form 15G, let us first understand the rules related to TDS with respect to EPF withdrawal. I have already written a detailed post on this “EPF Withdrawal Taxation-New TDS (Tax Deducted at Source) Rules“. ...
No TDS shall be deductible on GST component of Invoice Recently the Central Board of Direct Taxes (CBDT) clarified that the GST paid on services will be excluded from the scope of TDS provisions when in the GST portion is shown in the invoice separately. Previously, CBDT had excluded the...
Due to mis-selling of Insurance; more than 91 Lakh policies worth Rs 1000 Crore lapsed in 2009. A policy is considered lapsed when the premium is not paid within 60 days of the due date. If possible we should try for exit policy rather than getting it lapsed. Let’s check out some ...
Employers are responsible to deduct income tax(TDS – Tax deduction at source) from salary paid to its employees and deposit the same to income tax department. But income tax is complicated and the final tax depends on the tax saving investments a person makes or if the person lives on rent...
No TDS shall be deductible on GST component of Invoice Recently the Central Board of Direct Taxes (CBDT) clarified that the GST paid on services will be excluded from the scope of TDS provisions when in the GST portion is shown in the invoice separately. Previously, CBDT had excluded the...
Please check yourself. Something has changed. It’s no longer as you suggested. We are now asked to log-in using PAN and Password. Then we are taken to our page where there’s no way of finding Jurisdiction. Since my PAN has been de-activated for reasons unknown, I’m asked to conta...