How TDS on salary income works Typically, in the month of April, being the start of the new financial year 2017-18, salaried employees are asked by their employers to send ‘investment declaration statement’. The most popular and frequently used deductions are allowed under section 80C of the Income Tax Act, 1961. Few others sections for […]
Category Archives: Income Tax
Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.
Presumptive income scheme for professionals The Finance Act 2016 has introduced a new presumptive income scheme for professionals by inserting a new section 44ADA into the Income Tax Act, 1961. The new section has come into force with effect from 01.04.2017 i.e. from AY 2017-18. So, from AY 2017-18 professionals will have an option to […]
Now you can get PAN and TAN numbers in just 1 day To improve the Ease of Doing Business for new corporates, Central Board of Direct Taxes (CBDT) has tied up with Ministry of Corporate Affairs to issue PAN and TAN in just 1 day.
Fake rent receipt won’t help you lower tax burden anymore For as long as anyone can remember, producing of Fake rent receipt, often from parents and relatives, has been an easy way to lower tax burden. Such cavalier disregard for tax rule was overlooked by most employers as well as taxman, who possibly felt it […]
How to handle TDS on sale of property The challan (Form 26QB) must be filed within 7 days from the month in which the TDS was deducted by the buyer. Since June 2013, it has been mandatory for buyers of immovable property to deduct TDS on sale of property from the amount to be paid […]