on services that the government specifies, and the tax is deducted by using the rates that the government specifies for a period. The rate of deduction is based on the status of the entity that receives the payment or provides the service. Statuses includeIndividual,Hindu Undivided Family(HUF)...
TDS is deducted from the payments made by the individuals as per Income Tax Act. Various types & rates of TDS deduction are present. Focus on pay as you earn. TDS is a direct tax which is collected from the people at the time of payment like salary, rent, commission, etc. The TDS ...
House Rent Allowance (HRA) Conveyance Daily expenses in the course of employment Relocation allowance Helper allowance Children education allowance Other special allowances [Section 10(14)] Standard deduction Professional tax Interest on housing loan (Section 24) ...
TDS payment has been made mandatory for the house rent exceeding INR 50,000 a year and this will applicable for a metropolitan city. The TDS need to be deducted by the rent payer on behalf of their landlord. This decision is the result of current government’s focus of widening the tax ...
The NRI is also allowed deduction for principal repayment under section 80C. Stamp duty and registration charges paid on purchase of a property can also be claimed under section 80C. A tenant who pays rent to an NRI owner must remember to deduct TDS at 30%. The income can be received to...
According to the new format, the tax department requires break up of salary and all exemptions are mentioned under Section 10.Note: Employees are exempted for following heads under Section 10 – House Rent Allowances, Children Education Allowance, Hostel Allowance, Gratuity, Leave Travel Allowances...
Ajoy P (Service) (11 Points) Replied 18 March 2017 Dear Member, As per Sec.201 of the Inocme Tax Act, interest will be levied @ 1% for every month or part of a month for delay in deduction and 1.5% for every month or part of a month for delay in remittance after deduction....
Form 15G: Declaration under sub-sections(1) and (1A) of section 197Aof the Income-tax Act, 1961, to be made by an individual or a person (not being a company or a firm) claiming certain receipts without deduction of tax of tax. ...
on services that the government specifies, and the tax is deducted by using the rates that the government specifies for a period. The rate of deduction is based on the status of the entity that receives the payment or provides the service. Statuses includeIndividual,Hindu Undivided Family(HUF)...