TDS Rate Chart for FY2020-21 Applicable for a Company
TDS Rates Applicable for a Domestic Company Particulars TDS Rate (%) TDS Rates from 01.04.2020 to 13.05.2020 TDS Rates from 14.05.2020 to 31.03.2021 Section 193: Interest on securities a) any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act; b)
- Published in INCOME TAX
TDS Rate Chart for FY2020-21 Applicable for Non-Resident of India (NRIs)
Particulars TDS Rate (%) TDS Rates from 01.04.2020 to 13.05.2020 TDS Rates from 14.05.2020 to 31.03.2021 Section 192: Payment of Salary Section 192A: Premature withdrawal from EPF Normal Slab Rate 10 Normal Slab Rate 10 Normal Slab Rate 10 Section 194B: Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort
- Published in INCOME TAX
TDS Rate Chart for FY2020-21 Applicable for Resident of India
Tax Deducted at Source, also known as TDS, is a system of taxation where the person/entity responsible for making specific payments deducts the applicable tax before the payment is credited to the receiver. Some common payments which feature the TDS system of taxation include salary, bonus, commission, FD interest, rent, etc. TDS on different payments
- Published in INCOME TAX, Income Tax Deductions on Salaried
Salary received in arrears or in advance, Don’t forget to file Form 10E under Section 89
An employee, who is entitled to relief under Section 89 of the Income Tax Act, is required to submit Form 10E. Here’s how it can be filed. When an employee receives advance or arrears from his employer, then there is an increase in taxes in the year of receipt. To mitigate such hardship, tax relief
- Published in INCOME TAX, Income Tax Deductions on Salaried
One Time Relaxation to Employers, Taxpayers, and Business Entities
The outbreak of the Novel Corona Virus (#COVID-19) across many countries of the world including India has caused immense economic and business loss. Amid this difficult situation, the Government has announced below one time relaxations for Employers, Taxpayers and Business Entities. One Time Relaxation for Tax Payers and Business Entities Income-tax Refunds: It has been decided to issue
- Published in ESI, Goods and Service tax- GST, INCOME TAX
New Corporate Tax for FY 2020-21
In Budget 2020-21 corporate tax slab has changes, New Corporate Tax for FY 2020-21 is benefited to New startup and MSME company. Existing company also gets benefits in the new tax slab which is announced in the FY 2020-21 budget. Corporation tax is a direct tax imposed on the net income or profit that enterprises
- Published in corporate tax, INCOME TAX
Personal Income Tax and simplification of taxation 2020-2021
The new tax regime shall be optional for the taxpayers. An individual who is currently availing more deductions & exemption under the Income Tax Act may choose to avail them and continue to pay tax in the old regime. The new personal income tax rates will entail estimated revenue forgone of ` 40,000 crores per
- Published in INCOME TAX
Income tax return filing due date has been extended to August 31 for FY2018-19
Income tax return filing due date has been extended to August 31 for FY2018-19 There are a few things we need to know if we are eligible for filing the income tax return. Indian govt. makes changes in the budget from time to time and we need to get updated with that. Hence, in gist,
- Published in INCOME TAX
What is Form 26AS of Income Tax ?
A taxpayer may pay tax in any of the following forms: (1) Tax Deducted at Source (TDS) (2) Tax Collected at Source (TCS) (3) Advance tax or Self-assessment Tax or Payment of tax on regular assessment. The Income-tax Department maintains the database of the total tax paid by the taxpayer (i.e., tax credit in the
- Published in INCOME TAX, What is Form 26AS?