Tag Archives: Tds Deduction

Submit tax saving proofs to your employer to avoid excess TDS

Submit tax saving proofs to your employer to avoid excess TDS With your company’s accounts department knocking on your door to submit your income tax saving proofs, it’s time for you to tax saving proofs. Since April 2017, the department would have been computing taxes on your salary based on the proposed investment declaration submitted […]

No TDS on GST when it is Shown Separately in the Invoice

No TDS on GST when it is Shown Separately in the Invoice Central Board of Direct Taxes (CBDT) had issued Circular No 1/2014 dated 13.01.2014 wherein it was clarified that TDS on GST under Chapter XVIl-B of the Income Tax Act, 1961 had to be deducted on the amount paid or payable without including Service […]

Cut TDS from June 1 if paying rent over Rs 50,000 per month: Here’s how to do it

Cut TDS from June 1 if paying rent over Rs 50,000 per month: Here’s how to do it An individual or HUF paying rent over Rs 50,000 per month is now required to deduct tax at source (TDS). The government recently introduced section 194IB in the Income-tax Act making it mandatory for a tenant to […]

Paying Rs 50,000 rent? Better cut 5% TDS

Paying Rs 50,000 rent? Better cut 5% TDS Individuals who are paying a rent of over Rs 50,000 every month  required to deduct TDS at 5%. The related section in the Income Tax Act is  section 194­IB — which was introduced by the Finance Act, 2017 and it has broad scope of withholding tax by […]

Deadline for employers to provide Form 16 is May 31

Deadline for employers to provide Form 16 is May 31 Now time has come to an employer to inform you about the taxes deducted in the previous year and get Form 16 i.e. for the financial year 2016­-17. Each month, the employer would have deducted tax at source (TDS) on your salary income and deposited […]

How TDS on salary income works

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 […]