What is TDS? TDS stands for Tax Deducted Source. In TDS system, persons responsible for making payment for specified services such as commission, brokerage, professional consultancy etc are required to deduct a fixed percentage from the amount. Such deducted amount (which is called TDS) have to be deposited to the
Fringes benefits taxable in case of all employees: – (1) Interest free or concessional loans from employer Taxable Value = Maximum outstanding monthly balance X Rate charged p.a. by SBI on similar loans on 1st day of the relevant previous year – Interest actually paid by employee or any of
What is Form 15G and Form 15H Difference between Form 15G and Form 15H Examples to understand who can submit Form 15G and Form 15H When to File Form 15G/15H What if TDS already deducted Download Form 15G/Form 15H in Pdf, fillable Pdf, Word or Excel Formats Filled Sample Forms
Salary is taxed on due basis or receipt basis, whichever is earlier. Therefore if any advance salary is received which is related to forth coming periods, then it is chargeable to tax in the year of receipt. Arrears of salary are taxable in the year of receipt, if not charged
Fully Taxable Allowances: Dearness Allowances, City Compensatory allowance, Medical Allowance, Tiffin allowance, Servant allowance, Project allowance, Overtime allowance, Warden Allowance, Family Allowance, Domestic Servant Allowance Partly Taxable Allowances: Allowances which is received by employee for meeting expenses related to the employer’s business is not taxable in hands of employee to
If Leave salary encashment is received by any employee while in employment then it is fully taxable in the hands of employee. While if leave encashment is received in case of retirement or superannuation or resignation, then exemption is available upto the following limits. In case of Central government or
Persons required to deduct TDS under this section Any specified person responsible for paying any sum to any resident contractor for carrying out any work is required to deduct tax at source. TDS is also required to be deducted for payment to sub contractor. Tax is to be deducted even
An individual suffering from disability himself gets tax benefit under section 80U while an individual gets tax benefits under section 80DDB if any dependent family member of the individual is differently abled. Eligible Assesse Resident individual with disability (may be ordinarily resident or not ordinarily resident) Amount of Deduction from Financial Year 2015-16 The
Only individual and HUF are allowed exemption under this section. Only rent paid for purpose of residence of asseessee himself is considered under this section. If individual is a salaried employee and receives House Rent Allowance (HRA) at any time during the previous year, he is not eligible for deduction.
Eligible Assesse – Resident individual or resident HUF (may be ordinarily resident or not ordinarily resident) Deduction is available in respect of – Expenditure incurred for medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability. Amount paid or deposited under any scheme of Life
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