What can you do to make sure bank does not deduct TDS on interest, if your total income is not taxable? The simple thing you can do is:- Form 15G and Form 15H are forms you can submit to make sure TDS is not deducted on your income if you meet the conditions mentioned in… Read More »
Advance money forfeited (adsbygoogle = window.adsbygoogle || []).push({}); Amount of sale property Rs. 50 Lac. Advance received Rs. 5 Lac for this property. Now the party has cancelled the deal and accordingly we have forfeited the advance amount of Rs. 5 Lac. Forfeited amount is advance money. Finance bill, 2014 has proposed to enhance the… Read More »
Interest received by an assessee on compensation or on enhanced compensation, as the case may be, shall be deemed to be the income of the year (after reducing standard deduction @ 50% of income as per S. 57(iv) of the Income Tax Act, 1961 in which it is received. Such interest shall be taxable under the… Read More »
As per S. 51 of the act provides that any advance forfeited by the seller of a property is deductible from the cost of the asset. The effect of this provision is that when the same asset is sold at a larger amount. It becomes taxable as capital gains because of the original cost reduced… Read More »
Section 194K deals with tax deducted at source on any income which is payable to a resident in respect of units of Mutual Fund specified u/s 10(23D) or of the UTI. TDS shall be deducted @ 10% on payment or credit whichever is earlier. However no TDS will be deducted if the amount does not… Read More »
Section 193 deals with tax deducted on interest on securities. Any person making payment to the resident in respect of interest on securities as defined in clause 28B of Section 2 shall deduct TDS at the time of payment or credit to the books of accounts whichever is earlier. Tax shall be deducted @ 10%.… Read More »
Section 194 deals with the deduction of tax at source on payment of dividends by any domestic company to resident shareholders. In case of dividend payable to non-resident shareholders, tax is deducted at source u/s 195. Dividend means dividend on equity or preference shares, or it may also be deemed dividend u/s 2(22). Dividend may… Read More »
TDS u/s 194H is applicable to the person paying commission or brokerage to a resident exceeding Rs. 5,000/- per annum. TDS has to be deducted @10%, at the time of credit or payment whichever is earlier. S. 194H will not be applicable to the person who is an individual or an HUF whose gross receipts or… Read More »
The person responsible for paying any income by way of commission, remuneration or Prize on lottery ticket has to deduct tax @ 10% at the time of credit to the recipient account, or at the time of payment in cash or issue of cheque/draft any other mode, whichever is earlier. However no tax is to… Read More »
Section 194D deals with Tax deduction on payment of insurance commission. It is applicable on any person paying any income to a resident by way of remuneration or reward, whether by way of commission or otherwise, for procuring insurance business including business relating to the continuance, renewal or revival of policies of insurance. Person responsible… Read More »