Income Tax

Revaluation-of-Marks

Income Tax Form 13 for Lower Deduction of TDS: Section 197

As per the provisions of the Income Tax Act, TDS/TCS is required to be deducted at the time of making any payment. This TDS is deducted by the person making… Read more

ITR-2

What is Portuguese Civil Code in Income Tax Return?

The Income Tax Return Forms from A/Y 2013-14 onwards have inserted a new column which asks – Are you governed by the Portuguese Civil Code? A screenshot of the same… Read more

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Rounding off in Income Tax – Section 288A & 288B

For the purpose of simplicity and to facilitate easy payment of taxes, the income tax act suggests rounding off of income and the income tax payable thereon. The Rounding off… Read more

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What is Financial Year, Fiscal Year & Assessment Year in India

The Balance Sheet and Income statement of companies across the Globe are usually prepared for a period of 1 year. However, the date from which this period starts varies from… Read more

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7 Effective Ways of earning Tax Free Income in 2018-19

Tax is payable on all incomes earned in India by an Indian resident. However, there are some exceptions to this rule and some incomes have been specifically exempted from tax… Read more

TDS on Contractor

Latest TDS Rate Chart for 2018-19 [Updated]

TDS Rate Chart for 2018-19 Section No. Payment for the purpose of TDS not required to be compulsarily deducted if payment expected to be made during the year is less… Read more

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Tax Collected at Source, TCS Rates in India

Tax Collected at Source (TCS) is to be collected by the seller from the buyer at the time of sale of specified category of goods. The TCS Rate is different… Read more

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Section 194J: TDS on Professional/ Technical Fees @ 10%

As per Section 194J of the Income Tax Act, TDS is to be deducted @ 10% on any amount paid to any resident as:- Fees for professional services, or Fees… Read more

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TDS on Commission/Brokerage – Section 194H

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… Read more

ITR-2

Mandatory Disclosure of Asset in Income Tax Return

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… Read more