Several amendments have been proposed in the sections dealing with the deduction of tax at source. 1. Requirement for obtaining evidence/ particulars by employer for TDS-Section 192 1.1 Currently, the person responsible for paying salary has to depend upon the evidence/particulars furnished by the employee in respect of deductions, exemptions and set-off of loss claimed….
There are several amendments pertaining to TDS from interest. 3.1 Interest on fixed deposits with banks attracts TDS under Section 194A. Only exception to this was in respect of interest paid by co-operative banks to their members. 3.2 Now, Section 194A(3)(v) has been amended to expressly provide that payment of interest on time deposits by…
When an employee participating in a Recognised Provident Fund (RPF) withdraws the accumulated balance lying to her/his credit in the said RPF account, that amount is not included in her/his total income and is considered as exempt provided certain conditions are met. The main condition is that such a person should have rendered continuous service…