What is Salary? Salary include Wages, Annuity or Pension, Gratuity and others as per Section 17(i). It also includes Perquisites as per Section 17(ii) and…
View More Section 192 – TDS on SalaryCategory: Income Tax
TDS / TCS Compliances for May 2025
7th May 2025 – Due date for TDS / TCS payment for deductions / collections during April 2025 15th May – Due date of filing…
View More TDS / TCS Compliances for May 2025TDS / TCS Compliances Reminder for April & May 2025
7th April 2025 – Due date for TCS payment for collections during March 2025 30th April 2025 – Due date for TDS payment for deductions…
View More TDS / TCS Compliances Reminder for April & May 2025Section 80CCH – Tax Benefits for Agniveers under the Agnipath Scheme
The Finance Act, 2023 introduced Section 80CCH into the Income Tax Act, 1961, providing specific tax deductions and exemptions for individuals enrolled in the Agnipath…
View More Section 80CCH – Tax Benefits for Agniveers under the Agnipath SchemeTax Rebate – Section 87A
Section 87A provides a tax rebate to resident individual taxpayers, reducing their income tax liability if their taxable income falls within a specified threshold. The…
View More Tax Rebate – Section 87ATax on Salary Income – Old Regime vs New Regime
As it seems evident, gradually the ‘Old Regime’ for computing income tax is being phased out, from FY:24-25, each tax payer has been placed in…
View More Tax on Salary Income – Old Regime vs New RegimeNew Regime vs Old Regime – which is better?
In a nutshell and quite obvious, one should opt for the regime where the tax liability is lower. Determination of tax liability Following factors are…
View More New Regime vs Old Regime – which is better?Section 194G – TDS on Commission on Sale of Lottery Tickets
Any income earned by a person in the form of commission, remuneration, or prize on lottery tickets (deductee) who has been selling lottery tickets (also…
View More Section 194G – TDS on Commission on Sale of Lottery TicketsCoexistence of TDS 194Q and TCS 206C(1H) after Budget of 2021
Note: Effective FY: 2025-26, as per the Union Budget TCS on Sale of Goods has been withdrawn [Section 206(1H)]. Section 194Q – TDS on Purchase…
View More Coexistence of TDS 194Q and TCS 206C(1H) after Budget of 2021Section 192A- TDS on Payment of Accumulated PF Balance Due to an Employee
Section 192A of the Income Tax Act, 1961 deals with the TDS on premature withdrawal of accumulated balance from the Employees’ Provident Fund (EPF). This…
View More Section 192A- TDS on Payment of Accumulated PF Balance Due to an Employee