TDS on Commission/Brokerage is required to be deducted under Section 194H by the person making the payment by way of commission or brokerage. TDS on Commission/Broker is required to be deducted @ 10% at the time of:- Making such payment...

The new income tax forms released by the income tax department for assessment year 2016-17 onwards require that all assets should be disclosed by the taxpayer in his income tax return. The condition for disclosure of assets in the income tax return...

At the time of sale of any Asset, if a Short Term/ Long Term Capital Loss arises to a taxpayer; this loss is allowed to be set-off in the same year against other incomes. However, if this loss is not...

The determination of Residential Status of a person is very important for the purpose of levy of income tax, as income tax is levied based on the residential status of a taxpayer. The Residential Status of a taxpayer can be...

Belated Return can be filed at any time before the end of the relevant assessment year or before the completion of assessment whichever is earlier. In simple words, in case you’ve not been able to file your income tax return before...

Any income received by an employee is chargeable under head “Income from Salaries” and tax on salary is levied in the manner as shown below. Income would be taxable under head Income from Salaries only when an employer-employee relationship exists....

While an employee is in service, he is allowed various types of leaves like Medical Leave, Gazetted Holidays, Casual Leaves etc. There are some types of leaves which can be carried forward to the next year whereas there are some...

Many employers give Leave Travel Allowance (LTA) to their employees which can be claimed if an employee goes on a vacation. This Leave Travel Allowance (LTA) can be claimed when an employee goes on a vacation and submits the actual...

This Article provides details on the following What is a PAN Card No. Documents to be enclosed How to apply for a new PAN Card No. online?  Check PAN Card Status Submission of PAN Card Application Form Sample PAN Card...

To promote the concept of charity towards the poor and the needy, the Indian government has been regularly encouraging people to donate and this donation can also be claimed as a deduction under Section 80G. There are several government organisations...