TAX SLABS UNDER OLD SCHEME V/S NEW SCHEME REBATE U/S 87A OLD SCHEME V/S NEW SCHEME: STANDARD DEDUCTION 50,000 FOR SALARIED EMPLOYEE IN BOTH NEW AS WELL AS OLD REGIME NO OTHER DEDUCTIONS ALLOWABLE UNDER NEW REGIME EXCEPT CONTRIBUTION TO AGNIVEER CORPUS FUND (80 CCH), INTEREST ON HOME LOAN ONLY …
M/S CLAY CRAFT (INDIA) PVT. LTD (AAAR – RAJASTHAN) Applicant : Private Limited Company engaged in Manufacturing of Bone Chine (crockery/transfer sheet Decalcomania) having 6 directors. Question: Whether RCM is applicable on salary (Director) ? What is the answer if director is also part time director in other company ? …
Direct Tax Related Changes A Partial Relief from “Ghost Tax Demands” under Income Tax The Hon’ble Finance Minister announced that there are a large number of petty , non verified, non reconciled and disputed direct tax demands dating back to 1962. In order to provide relief to the tax payers …
INCOME FROM OTHER SOURCES serves as a residual category encompassing all earnings that do not align with the other four designated heads of income. Nevertheless, specific sources of income consistently fall within the purview of ‘Income from Other Sources,’ including lottery winnings, gifts, interest on enhanced compensation, and similar instances. …
Due Date Calendar for Jan. 2024 Month : 07-01-2024 – Due date for payment of TDS/TCS for December 2023 Month. 11-01-2024 – Due date for Filing of GSTR -1 For December 2023 Month. 13-01-2024 – Due date for filing GSTR -1 under IFF Facility for Oct. 2023 – December 2023 …
When it’s tax time, people who earn salaries get a bit stressed about the money they have to give to the government for the past year. It’s important to know your salary details to figure out how to pay less tax. If you find your pay slip confusing, don’t worry—this …
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 …
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 …
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 …
March 2023 Introduction: Welcome to the first issue of TDS Insider, your guide to understanding tax deducted at source (TDS). In this issue, we’ll be exploring what TDS is, how it works, and why it’s important. So whether you’re a business owner or a freelancer, read on to learn more …
