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
INCOME TAX RETURN FILING
INCOME TAX RETURN FILING Income tax is a tax levied and collected by the Central Government on the income of a person. Income-tax is calculated at specified rates on total income of a person and paid directly to the Central Government. Income -tax return is a statement of income and tax thereon, which is to
Income Tax Deductions on Salaried for A.Y. 2014-15/ 2015-16
Gross total income of the assesses having income from salaries. SECTION NATURE OF DEDUCTION REMARKS 80CCC Payment of premium for annuity plan of LIC or any other insurer Deduction is available upto a maximum of Rs. 1,00,000/- The premium must be deposited to keep in force a contract for an annuity plan of the LIC
- Published in Income Tax Deductions on Salaried