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. Such income is referred to as Tax Free Income and...
Latest TDS Rate Chart for 2018-19 [Updated] Read More
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 than TDS Rate for Payment to 192 Salary Minimum amount not...
Tax Collected at Source, TCS Rates in India Read More
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 for each category of goods and the TCS so collected...
Section 194J: TDS on Professional/ Technical Fees @ 10% Read More
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 for technical services, or Royalty, or Any sum referred in...
TDS on Commission/Brokerage – Section 194H Read More
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...
Mandatory Disclosure of Asset in Income Tax Return Read More
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...
Capital Loss: Treatment for Income Tax purposes Read More
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...
Residential Status for the purpose of Income Tax Read More
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: Filing of Income Tax Return after Due Date Read More
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...
Tax on Salary Income, TDS on Salary with examples Read More
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....