Salary earners has to inform in the beginning of the year to their employers about all saving, deductions, etc for Tax to be deducted from their salary receivable in the financial year 13-14. Accordingly Tax deduction can be made correctly and paid to the government after considering other incomes and deductions of the employee. At […]
Every person responsible for deduction of tax under Chapter XVII-B shall, in accordance with the provisions of Section 200(3), submit the following Quarterly Statements to the Director General of Income Tax (Systems) or the person authorized by the Director General of Income Tax (Systems), namely-
Q.1 who can claim deduction? Only Individual can claim deduction under section 80E. Q.2 what is Expenditure Qualified for deduction under section 80E? Interest paid on Loan. Loan should be taken: 1. for Study after Senior Secondary or its equivalent 2. From a Bank, Financial Institution or an Approved Charitable Institution Interest must be actually […]
Deficit Financing It is a practice by which a government spends more money than it receives as revenue, the difference being made up by borrowing or minting new funds (the printing of new currency notes and making of coins). As highlighted earlier, the influence of such practice upon national economy may be very great. It […]
When the employers are in the process of start asking your proofs for your investment declaration which you submitted for your tax & TDS calculation from your salary. It is not only the responsibility of the employer and also responsibility of the employee to give proper income and investments details to compute your tax to […]