As per the Income Tax Act, 1961, various exemptions and deductions are available to the income taxpayers to provide relief from the tax. Similarly, Tax savings on Interest income under section 80 TTA & 80 TTB provides relief on Interest…
Do you know that each character of your PAN card number contains some details? Every thing, sentence has some reasons why it is like that. Similarly, your PAN has also some interesting meaning. Let’s us explain to you what the…
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…
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…
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…
From June 2013, it is mandatory to deduct TDS on transfer of immovable property and generating TDS certificate in Form 16B. Here in this article, we will share the complete step by step guide on making TDS payment under section…
The online banking system has made our life more comfortable. Now, we don’t have to wait in queues for a longer time. Although you can operate every bank transaction from your online banking such as opening an account, transferring funds,…