For the different payment types, as per applicability, standard TDS rates are specified. Under certain provisions of the Act, there could be deviation from this standard deduction rate. The ‘Remarks’… Read more »
Relief is provided under section 89(1), if salary pertaining to another period is received in advance/ or in arrears during a financial year, leading to additional tax liability. What is… Read more »
Section 194LBB of the Income Tax Act, 1961 has been inserted with effect from 1st June 2015 on TDS deduction on Income from Investment Funds. Time of Deduction: Deduction shall be… Read more »
For delayed payment of TDS or delayed deduction, the deductor needs to pay interest for these delays. The interest is paid in through Challan / Book Entry similar to TDS… Read more »
A person receiving any amount, on which TDS is deductible under Chapter XVIIB shall furnish his PAN to the person responsible for deducting such tax. Tax shall be deducted at… Read more »
Employee Provident Fund (EPF) was earlier not subject to tax and was tax-free in the hands of the employee. When a contribution was made, the employee could claim an income… Read more »