If your total annual income is less than Rs 2.5 lakh, your bank won't deduct tax on your Fixed Deposit. However, you may need to submit Form 15G or 15H to avoid TDS. To prevent TDS, ensure you submit Form 15G or 15H to your bank at the start of the financial year. Interest i...
In the Income Tax Act, 1961 few key rules have been framed that are related to the purchase and sale of immovable property. In the aforesaid transactions that come within the domain of Section 194-IA, the buyer (who is also called the deductor) has to deduct the TDS if the value of ...
If an individual’s only income is his salary, then the employer will deduct tax from his income(TDS) and submit it. In such a case there is no cause for worry over advance tax payment. The tax deducted will be made available to the employee by the employer in Form 16. But when a ...
If the buyer is going to deduct TDS while making the payment, then the transaction will be exempted from TCS. 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 ...
Employers often cover the costs of employees’ benefits and a portion of that might come from an employee’s gross wage. A company’s payroll system also needs to deduct Social Security and Medicare payments from an employee’s gross wages. On most payrolls, an employer’s payroll system will...
Employees get paid every month on which most of the employers deduct TDS on it. Knowing tax calculation is important otherwise, you will never know if your employer is deducting more taxes from your salary. Your salary that you receive from your employer is taxed under the “Income from salar...
Information related to high-value transactions related to shares, mutual funds and so on Why is Tax Credits Form 26 AS Important? Below mentioned are the reasons why Form 26AS is pertinent: You shall be able to check whether the deductor has filled the TDS statement correctly or if the col...
One of the biggest tax headaches is figuring out what you need to report as an expense or a deduction—which can help you save money by reducing the amount of your income that is taxed. For example, currently in the U.S., homeowners are able to deduct the interest of their mortgage, ...
Changes in TDS rates as per Finance Act 2020 Key Highlights of FM Speech dated 14th May 2020 on Economic Relief Package Eligibility and Conditions to take ITC| Section 16 of the CGST Act Appointment of Auditor- Sec 139 of Companies Act...
On behalf of a taxable person Agents supplying Any entity or individual under the GST Act required to deduct tax deducted at source (TDS) Any foreign entities running a business in India or individuals registered outside India are liable to pay tax in India due to their business operation.If...