Income Tax

Section 194A – TDS on Interest – The Complete Guide

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

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Section 192 – TDS from Salary

Section 192 of income tax act contains provisions regarding tds on salary. An employer is required to deduct tds from the salary payable to the employees. Topics covered in this article – Employers which are required to deduct TDS Time of Deduction Calculation of tax to be deducted Calculation of

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Declaration to Deposit Lower TDS

If as a deductor, you have reasonable reasons for lower deduction/payment of TDS in the current period as compared to previous period, then the deductor can file declaration to deposit lower TDS via TRACES. It is an advisory issued from the Centralised Processing Cell (TDS) to file this declaration if

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Section 44AD – Profits Calculated on Presumptive Basis

Eligible Assessee A resident individual, resident HUF, resident partnership firm but not a limited liability partnership firm. Who has not claimed deduction under any of the sections 10A, 10AA, 10B, 10BA, or deduction under any provisions of section 80-IA to 80RRB in the relevant assessment year.  The following persons are

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Audit of Accounts – Section 44AB

The following persons are required to get their accounts audited by a practicing Chartered Accountant – (a) A person carrying on business If the total sales, turnover, gross receipts exceeds Rs. 1 crore in the relevant year. If a person files his return under section 44AD and his turnover is

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Applicability of MAT on foreign companies having no PE in India

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 24th September, 2015 Sub: Applicability of Minimum Alternate Tax (MAT) on foreign companies having no PE in India- regarding- Issues relating to taxation of foreign companies, having no permanent establishment in India,

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Section 44AA – Maintenance of Accounts

Case – I Persons carrying on specified profession Specified profession – Profession of legal, medical, engineering, architectural, accounting, technical consultancy, interior decoration, film artist or authorised representative. Persons carrying on a specified profession and his gross receipts exceed Rs. 1,50,000 in all the three immediately preceding years or in case

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Deduction of Deficiency – Section 44A

As per the principle of mutuality, any income arising to a trade, professional or similar association does not partake character of income and thereby not taxable. However if deficiency arises, then it is allowed in accordance with provision of this section. Meaning of Deficiency – Amount received during a previous

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Amounts not Allowed as Deduction – Section 40a

The following amount shall not be allowed as a deduction in computing the income chargeable under the head Profit & gains of business or professions: – Any interest, royalty or fees for technical services or any other sum chargeable in the hands of the recipient under the Act which is

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