Article discusses 27 Important Changes in Income Tax Provisions by Union Budget 2018 which includes changes related to Taxation of Long Term Capital Gain, Newly Introduced Standard Deduction for Salaried Employee, Deduction for Senior Citizen under Section 80TTB, Increase of Income Tax Cess Rate to 4% etc. Some Important Income Tax Amendments Budget 2018 1 […]
Articles explains about Purpose, Requirement of Registration and No. of members for Applicability of Labour Welfare Fund Act (of respective States), Shops & Commercial Establishment Act (of respective States),The Employee’s Compensation Act, 1923, Trade Unions Act, 1926, Payment of Wages Act, 1936, Weekly Holiday Act, 1942, Industrial Employment (Standing Orders) Act, 1946, Industrial Disputes Act, […]
Due to high rates charged by Banks many people these days prefer taking Loans from NBFC’s. TDS u/s 194A is attracted to such interest expense against NBFC loan @ 10% if interest payable is > INR. 5,000/-. The confusion which always mints is Whether TDS deducted on Processing Fees too..?? Definition of Interest u/s 2(28A) – […]
Background There are 3 general methods of Tax collection: 1. Tax deducted at Source (TDS) / Tax Collected at Source (TCS) 2. Advance Tax 3. Self Assessment Tax Generally Assessee pays tax at the end of Assessment Year (AY) for the Previous Year (PY), due to this practice collection & revenue income of Government is […]
The era of extension needs to be stopped or else every year people will have a sure short confidence of extension which will make them delay there work and lazy. Rules are made bearing things in mind and not bearing extension in mind. Come on people lets follow Punctuality. The greatest gift of Shri. Late Mahatma Gandhi for Indians. And we, CA’s being finance partner of Government let make clients aware of there responsibilities.
1. Person who are liable to deduct – All Government undertakings. 2. Time of deduction – At the time of payment. 3. Thresh Hold for deduction – Rs. 2,50,000/- 4. No deduction in case – Location and place of supply of supplier is different from the place of his registration. 5.TDS Credit can be taken […]
