Category: Income Tax

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...

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...

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...

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...

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...

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...

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...

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...

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...