Section 194J of the Income-tax Act, 1961 deals with TDS deduction on fees for professional or technical services. The prescribed persons are required to deduct TDS @10% or 2%, as per the case may be when the payment amount exceeds…
Meaning of Gratuity Gratuity calculation and provisions are covered under the Payment of Gratuity Act 1972. Gratuity is given by the employer to an employee for rendering services for completing 5 or more years of services during the employment. Besides…
You must have seen you get the salary less than what is written in your offer letter. Or your company’s HR says you your salary is Rs. 17,000, but the in-hand salary is Rs. 15,000. It is shocking, but why…
GSTR-9 is the Annual tax return that includes all business transactions i.e., supplies made and received under various tax heads (CGST, SGST, and IGST) during a financial year. It further contains details such as Taxes paid or adjusted, Input tax…
Taxpayers should be aware of the difference between the Financial Year (FY) and Assessment Year (AY), especially those who need to file their Income tax returns. Many times, taxpayers get confused about the FY and AY while selecting the options…
What is TDS and its applicability? Tax Deducted at Source (TDS) is the tax deducted at the time of making specified payments such as rent, commission, interest, etc. All the provisions related to TDS are specified under the Income Tax…
The UAN is a unique number allotted to EPFO members who contribute towards their EPF Accounts. According to the Employees’ Provident Fund Organisation (EPFO) rules, every PF member should have only one UAN. In case the employees change their jobs,…
Permanent account number (PAN Card) is one of the essential documents for banking transactions and serves as an identity proof. Therefore, it is always recommended to keep your PAN Card updated and ensure that all the PAN Card details are…
Meaning of Income Tax Refund When the taxpayer pays the taxes more than they are liable to, they are eligible to claim the Income Tax Refund. Taxes can be paid more in the form of TDS, TCS, Advance tax, or…
Every year, Individuals and corporate are required to file the Income-tax return (ITR) through the Income tax e-Filing portal. However, for filing the return, the user must be registered at the portal, and your registration process is complete. Otherwise, you…