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…
In an endeavor to reduce cash payments/withdrawals the Budget of 2019 introduced Section 194N; which states that TDS shall be deducted by the payer in case of cash withdrawal above a given threshold. Applicability: Applies in case of cash withdrawals of more than Rs 1 crore during a financial year. Applies to sum of money…
Challan no. ITNS 281 is used by deductors to deposit TDS, TCS and demand payment. Following details are necessary to fill while payment of Challan ITNS 281: 1. Tax Applicable : This column has 2 options – 0020: This is applicable in case of income tax of companies if deductee is a company 0021: This…
Salaried employees form the major chunk of the overall taxpayers in the country and the contribution they make to the tax collection is quite significant. Here we shall cover major deductions and exemptions available to salaried employees under the Income Tax to reduce their tax. Exemptions: House Rent Allowance: An Individual having a rented accommodation…
Extension of time limits for certain TDS compliances has taken place, to provide relief to taxpayers in view of the severe pandemic. Reference Circular Number: 9 New Delhi, 20th May 2021 Issued by: Department of Revenue, Central Board of Direct Taxes 30th June 2021 – Due date of filing TDS Return for Quarter 4 of…
Salaried employees form the major chunk of the overall taxpayers in the country and the contribution they make to the tax collection is quite significant. Here we shall cover major deductions and exemptions available to salaried employees under the Income Tax to reduce their tax. Exemptions: House Rent Allowance: An Individual having a rented accommodation…
The existing section code 194J (i.e. Fees for Professional or Technical Services) has been sub-divided now into two sections, 194J(a) and 194J(b), effective from August 7 2020. u/s 194J(a) of the Income Tax Act, is related to TDS deduction on fees for Technical Services, and u/s 194J(b) of the Income Tax Act is related to…
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…
7th May 2021 – Due Date for TDS / TCS payment for deductions / collections during April 2021 15th May 2021 – Due Date for Filling TCS Return for Quarter 4 of Financial year 2020-2021 31st May 2021 – Due Date for Filling TDS Return for Quarter 4 of Financial year 2020-2021 30th May 2021 –…
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…