In our previous newsletter, we delved into the intricacies of income tax. Now, let’s explore a specific aspect – income from house property. Budget 2023 proposes a change in the calculation of the cost of acquisition for residential properties. It suggests excluding home loan interest claimed as an income-tax deduction …
Miscellaneous TDS Provisions: 193: TDS on interest on securities Securities u/s 2(28B) of income tax act, 1961 which means securities of the central or a state government and debentures/other securities issued by or on behalf of a local authority/a company/a co-operative society established by Central or State or Provincial Act. …
Tax Deducted at Source (TDS) TDS Section which applicable for all individual/HUF or any other person whether income from salary/capital gain or any other head i.e. even other than business/profession income 194IA: TDS on purchase of immovable property like plot Any person (other than Government when compensation/enhanced compensation in compulsory …
In the previous newsletter, we discussed what income tax is and explored key terms used in income tax. Now, let’s delve into Income Tax Return (ITR). ITR is a form that individuals are required to submit to the Income Tax Department of India. It includes information about the person’s income …
In my previous blog Improvements in Processes and be competitive, we discussed briefly about improving the processes. In the course of improving the processes, we take up the challenge of solving a complex problem or a much needed innovation in the process/product. At shop floor (manufacturing/service environment such as bank …
194H: TDS from Commission or Brokerage other than insurance commission Any person who pays any commission or brokerage is liable for Tds u/s 194h since commission or brokerage serves as a source of income but specially excluded insurance commission which tds deducted u/s 194d. Commission or brokerage includes any payment …
Section 192:TDS on Salary • Payer: Any person called as employer • Payee: Income receiver whom income is calculated under salary head called as employee • Tds rate: slab rate covering all deductions, exemption like HRA, LTA, deduction u/s 80c to 80u, any other incomes such as rental income from …
Income tax is a type of tax that the central government charges on the income earned during a financial year by the individuals and businesses. Taxes are sources of revenue for the government. Government utilizes this revenue for developing infrastructure, providing healthcare, education, subsidy to the farmer/agriculture sector and in …
Role of DRC – 01C : Basically this is the intimation form which will be received by the taxpayer when there will be any difference in Input tax Credit as per GSTR-3B and GSTR – 2B (i.e. Taxpayer has claimed excess input tax credit in GSTR -3B in comparison to …
In this article, we shall explore the understanding on improving the business processes. Since it is a multi-dimensional subject and we need to touch upon multiple aspects, the article may go little lengthy or else I will break into few chapters. Here we will broadly explore all such aspects and …
