1. INTRODUCTION The term TDS refers to tax deducted at source. The concept of TDS was introduced with an aim to collect tax from source itself. It fulfills dual purpose of Govt. i.e. advance receipt of tax and requirement to regulate person making certain payments or receiving any sum. Govt. is using TDS as its […]
Tax shall be collected by seller of an overseas tour programme package @ 5% if buyer has furnished his PAN, otherwise tax shall be collected @ 10% in accordance with section 206CC.
1. INTRODUCTION The population of India is 125 crores and only 1.46 crores people pay tax in India i.e. around 1.15% people pay tax. Looking to lower number of people paying taxes Govt. is making way to widen tax base by collecting tax from source itself. It means seller shall collect certain percentage of tax […]
1. CONCEPT OF TCS Govt. is taking step for increasing tax payers base. One such major step is levy of TCS on sale of goods u/s 206C(1H). Let us understand in simple term- If turnover of business is more than 10 Crores in F.Y. 2019-20 than it has to collect TCS @ 0.075% (Due to […]
Article explains How TDS is deducted on Salary, What is the Rate of TDS, How is TDS deposited to Govt. Account, How to know that TDS has been deducted, When you are required to make Direct Payment of Tax, How salary can be received without deduction of TDS or with Lower TDS, How to deduct […]
1. WHAT IS ESOP? ESOP means Employees Stock Option Plan. It enables employees to buy company share at discounted price. Start-ups have great business idea but a limited financial resource to operate in the initial years. It is popular these days as starts-ups generally use ESOP to attract and retain highly talented employees for long […]
♣ Who does not want money in advance? – Everyone. Significant amendments are made every year in Income tax Act while declaring budget and major amendments are made in TDS section because government wants payment of taxes in advance and TDS is tool which aims to collect tax from the very source of income. TDS […]
Article explains What is Form-16 (Salary Certificate), What is the Due date to get Form-16 from employer, Contents of Form-16, Is it mandatory to file return of income even after deduction of TDS on Salary by Employer, Some FAQ’s related to Form 16, Due date of filing ITR for individual salaried person. 1. What is […]
Where individual pays any amount for medical treatment of disease for himself or his dependant being spouse, children, parents, brothers and sisters, than deduction up to Rs. 40,000/- from total income is allowed while calculating taxable income.
Everyone wants to be his or her own boss. Freelancer is a person who is self-employed and not necessarily committed to a particular employer for long-term. Fields where freelancing is predominant include experts services of Chartered Accountants, lawyers, business Consultants, web designers, etc. Freelancer works for particular type of engagement for specific amount of fees. For example- […]
