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
Certification for Tax Deducted at Source and Tax Collected at Source are to be issued in the following manner – Form no. 16 for TDS from Salary Form no. 16B for TDS under section 194-IA Form no. 16A for any other TDS Form no. 27D for TCS Time limit for
Any person responsible for paying to a resident any compensation on account of compulsory acquisition of any immovable property (other than agricultural land) is responsible for deducting tax at source. Tax is to be deducted at the time of payment of aforesaid sum in cash or by cheque or draft
Any expenditure not covered by section 30 to 36 is deductible under section 37, subject to the following conditions It should not be a capital expenditure It should not be personal expenses of the assesse It should be incurred wholly and exclusively for the purpose of business or profession It
(1) Subject to the conditions specified in sub-rule (2), a person— (a) in receipt of income or deemed income derived from property held under trust wholly for charitable or religious purposes and who claims exemption under section 11 or section 12; or (b) required to file a return in respect of a