Income like rent on house property, annual value of property “deemed” to be let out are considered as income from House Property and is taxable in hands the hand of the Assessee. Deduction of interest on borrowed capital while computing the Income from House Property is allowed as follows: House Property is self-occupied: Deduction of…
Effective from 1st June 2017, individuals & HUF not covered under tax audit have been subjected to deduct tax at source for rent payments if it is Rs. 50,000 or more per month. Salient features: Applicable only to individuals & HUF who are not under tax audit (under section 44AB) This section is applicable from 1st…
Relief is provided under section 89(1), if salary pertaining to another period is received in advance/ or in arrears during a financial year, leading to additional tax liability. What is meant by Salary Arrears? Arrears refer to “money that is owed and should have been paid earlier”. Salary received now for an earlier period is…
Given below are some do’s and don’ts for filing of TDS returns: Do’s Ensure that TDS return is filed with the same TAN against which TDS payment has been made. Ensure that correct challan particulars including CIN and amount is mentioned. Correct PAN of the deductee is mentioned. Correct section is quoted against each deductee record. Tax is deducted…
As per Section 192 of the Income Tax Act, “any person responsible for paying any amount under the head salaries is required to deduct tax at source at the time of payment” In case of salary is payable in foreign currency, the amount of TDS deducted is to be calculated after converting the salary payable…
Before proceeding on TDS provisions applicability on Income from Pension, it is important to understand the different types of pensions and TDS provision. There are 3 primary schemes for pensioners. 1. Regular Pension – Describes a payment, which a person receives upon their retirement. (i.e. Pension Annuity – payment at periodical time…
On popular demand, we are pleased to announce the release of TDSMAN (FY: 2021-22). Now you can prepare TDS Returns for all quarters of FY: 2020-21 and all quarters of the next FY: 2021-22. It covers: All TDS/TCS Returns for FY: 2021-22 All TDS/TCS Returns for FY: 2020-21 Pending TDS/TCS Returns of earlier years, if…
Indeed, a great privilege for Team TDSMAN as our Director, Mr. Ranjan Goenka has been featured by The Economic Times, Kolkata in their news daily on 7th April 2021. We express our sincere gratitude to all our valued users and other stakeholders for their cooperation and encouragement. ⇒ Click here for the published article⇐
The due date for deduction is either at the time of giving credit or payment of the dues, whichever is earlier. Late deduction happens in the event the tax is not deducted when the deduction is due and is deducted at a later date. The interest for the delay in deduction is charged at the…
TDS RATE CHART FY: 2021-22 (AY: 2022-23) Section Nature of Payment Threshold Indv/ HUF Others Rs. TDS Rate (%) 192 Salaries – Avg – 192A Premature withdrawal from EPF 50000 10 – 193 Interest on Securities 10000 10 10 194 Dividends 5000 10 10 194A Interest (Banks) 40000 10 10 194A Interest…