Definition of Tax: “Tax is an obligatory contribution (Financial charge) from the Person (individual, company, firm, and others) to the government to meet the expenses incurred in the common interest of Society.” “Tax is imposition financial charge which levied upon a taxpayer by Government ...
An NRO Account is designed for NRIs to manage income earned in India—such as rent, dividends, or pensions. It's important to note thattax on an NRO Accountapplies only to the interest earned on your funds, not the entire balance. Under the Income Tax Act of 1961, interest income is ...
TDS also shows up in Form 26AS. (You should verify it) You need to claim TDS while filing ITR. Tax liability might be different from the TDS deducted (Ex TDS on FD is 10% but Tax is as per income slab). You need to Pay Additional tax before filing ITR (Advance Tax or Self Asse...
You can opt for Tax-saver Fixed Deposits under Section 80C of the IT Act, wherein you can avail of a tax deduction of up to Rs. 1.5 lakhs. Recurring Deposit ARecurring Depositis a type of Term Deposit wherein you deposit a fixed amount (like instalments) for a fixed interval. In mos...
On the other hand, income taxes deducted in the form of TDS from your salary is an example of direct tax. Direct taxes contribute to expenses towards state and central government expenses, such as infrastructural development. Let’s get into the details of income tax working in India and its...
The next step in the payroll process is to collect all the data required to calculate employee salary from different departments and managers, which includes information about attendance, leave, performance, salary revision, loan recovery, transportation costs, income tax details, etc. If the organiza...
After a long wait, finally the Union Budget 2019 is here and one must remember, this budget is here to stay. Read more Changes in Exemption limit under GST Recently, the GST council doubled the exemption limit to Rs. 40 Lakhs for the payment of Goods and Services Tax. ...
Summary: Section 208 of the Income Tax Act, 1961 mandates the payment of “advance tax” for every individual. Know what is advance tax and how is it calculated. 18 Jun 2022 by Team FinFIRST If your tax liability exceeds ₹10,000, you must pay advance tax in the upcoming assessment...
GST is imposed at each of these stages, making it a “multi-stage” tax. 2. Value Addition Taxation GST is applied to the added value at each stage, ensuring that only the incremental value is taxed. For example: Manufacturing: When a biscuit manufacturer buys raw materials like flour and...
Interest Income: The amount earned as interest on fixed deposits is considered income and is subject to tax. This interest is typically added to your total income for the year and taxed according to your applicable income tax slab. Tax Deducted at Source (TDS): In some countries, banks may...