As per Section 194J(1)(ba), any remuneration or fees or commission by whatever name called other than those on which tax is deductible under Section 192, to a director of a company shall be liable for TDS under Section 194J. Analysis of Section 194J(1)(ba) This clause will apply only in respect
Meaning of Alimony Any sum of money (recurring or lump sum) received from spouse after legal separation or divorce for the purpose of maintenance of spouse or child. Taxability in hand of the recipient There is no specific provision which governs the taxability of alimony under the Income Tax Act
There are number of deduction available for salaried person to save income tax. Although you have to do a proper tax planning from the beginning of the financial year to avoid last minute investment. These deductions are as follows:- Investment under 80C, 80CCC and 80 CCD(1) Limit – The maximum limit
क्या है हाउस रेंट अलाउंस (HRA) ? हाउस रेंट अलाउंस एक भत्ता है जो के एम्प्लायर अपने एम्प्लाइज को उनके घर का किराया चुकाने के लिए देता है । यह भत्ता एम्प्लोयी के हाथ में टैक्सेबल (कर योग्य) होता है हालांकि, आयकर अधिनियम धारा 10(13 ए) [i.e. Section 10(13A) of
An assessee who is liable to pay advance tax but failed to pay such tax or tax paid by him is less than 90% of the assessed advance tax, is liable to pay interest under this section. Rate of Interest – Simple interest @ 1% per month or part of
An assessee is liable to pay interest under section 234A if Return is furnished after due date of furnishing return or Return is not furnished Rate of interest – 1% (simple interest) per month or part of month Period – Interest is calculated from the date immediately after due date
Provisions of this page applicable for F.y 2016-17 (Assessment year 2017-18) Persons for whom it is mandatory to file Income Tax Return The following persons are mandatorily required to file income tax return Company Firm (In Income Tax Act Firm means a Partnership Firm, Sole proprietor firms are considered as
What is House Rent Allowance? House Rent Allowance (HRA) is an allowance paid by an employer to its employees for covering their house rent. Such allowance is taxable in the hand of the employee. However, Income Tax Act provides a deduction of hra under section 10(13A) subject to certain limits. Self employed
Persons required to deduct tax under this section Any person who is responsible for paying to a resident, commission or brokerage is required to deduct TDS. If commission is payable in respect of insurance commission under section 194D then such commission is not covered under this section. However in case
The principal officer of an Indian company or a company which has made the prescribed arrangements for the declaration and payment of dividends within India is liable to deduct tax at source on dividends. Tax is to be deducted at the time of credit of such amount to account of