TDS on FD with an example If you are under 60 years of age and your total taxable income is Rs. 4 lakhs, TDS (Tax Deducted at Source) will not be applied to your FD interest income as long as the interest earned is Rs. 40,000 or less in a financial year. However, if your inte...
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...
Employeesget 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 salarie...
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 ...
Payroll software can keep track of the ever-changing compliance landscape better than any manual process. While manual calculations carry the risk of mistakes, automated calculations are 100% error-free and accurate. RazorpayX Payroll, for example, automatically calculates and deducts TDS, PF, ESI ...
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...
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. ...
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 ...
How does GST apply on Works Contract in Real Estate? With the aim to give a boost to the housing sector, the GST council had reduced the GST rates for real estate sector from 12% to 5%. The GST rates in the affordable housing segment were slashed from 8% to 1%. The new GST rates...