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...
There is no time restriction on the TDS payment online. TDS deposit online is available 24*7*365 days. It is convenient for the deductor to make the online TDS deposit from any place at any time as they only need access to a good and secure network and don’t have to present personal...
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 ...
The income tax act puts the responsibility on the employer to deduct tax at the time of payment of salary to the employees every month. The employer has to deposit the tax with the government before the seventh day of the following month. The TDS rules are very strict and the employer fac...
Information related to high-value transactions related to shares, mutual funds and so on Why is Tax Credits Form 26AS 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 colle...
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...
factor in pay policy i.e., the net amount to be paid to different employees based on their role and position, divide the salary structure based on the benefits you are offering such as flexible benefits,HRA (house rent allowance)etc. You also need to define your leave and attendance ...
TDS on Salary ITR-2 When To File ITR-2 Who-can-use-ITR-2 ITR-V ITR-V Acknowledgement Check my ITR-V Status ITR-V E-verification ITR-V-Rejected If ITR V is not submitted ITR-V In Income Tax Submit ITR-V GST ChecK GST Status Advantages-disadvantages GST GST Payment GST Registration ...
Total the Income:Add up other income that you might receive in the form of rent, interest income, etc. Deduct the TDS deducted from your salaried income. Total Advance Tax:If the tax due exceeds Rs.10,000 then you’ll have to pay advance tax. ...
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