Our actions today will help us in future situations. Taking the necessary steps and precautions now can help you when tax season rolls around. By keeping all the details and documents required when filing taxes, the stress arising from filing your tax return can be significantly reduced. Let’s review the
Insurance company paying amount to a resident under a life insurance policy including bonus is liable to deduct TDS @ 1% (2% before 1st June 2016). TDS is to be deducted only when such sum is not exempt from income tax under section 10(10D). Also tds is to be deducted
As per new section 139AA and judgment of Supreme Court dated 9 June 2017, following thing shall apply from 1st July 2017 :- Every person who wants to file Income Tax Return or wants to apply for PAN card shall require to quote their Aadhaar Number. If the person do not possess
Eligible assesse – Individual Under this section deduction is allowed if assesse has paid or deposited an amount in any annuity plan of the LIC of India or any other insurer for receiving pension from a fund referred to in section10(23AAB). Amount of deduction is lower of the amount so
Set off of losses under the same head of income If there is a loss from any source of income under any head, then it is to be set off against income from any other source under the same head. The exceptions to this rule are Loss from speculation business-
Introduction Section 24b of income tax act allows deduction of interest on home loan from the taxable income. Such loan should be taken for purchase or construction or repair or reconstruction of house property. Such deduction is allowed on accrual basis, not on paid basis. In other words, the interest
This section is inserted by Finance Act 2014 and is applicable from 1st Oct, 2014. Tax is to be deductible if a business trust distributes any income referred to in section 115UA being of the nature referred to in section 10(23FC) to its unit holder. Time of deduction – Tax
Person responsible for paying to a resident commission or otherwise for soliciting or procuring insurance business including continuance, renewal or revival of policies is required to deduct TDS. TDS is required to be deducted at the time of credit of such amount or payment thereof whichever is earlier. TDS is
TDS is deductible from the payment of winnings from lotteries, puzzles, card games or other games, exceeding Rs. 10,000 at the rate of 30% . Where the prize is partly in cash and partly in kind, then TDS is deductible on total prize i.e cash + value of prize in
What is Section 194A? Section 194A of Income tax act contains provisions regarding TDS to be deducted on interest payable like interest on fixed deposit, interest on unsecured loan. Interest on securities are not covered under this section but covered under Section 193. Payment on which TDS to be deducted