If employers enter the wrong PAN numbers of the employee during TDS returns in TRACES, in that case, they can rectify the problem online in TRACES. We need a digital signature for PAN correction during TDS return time. Follow the steps for … Read more
Rebate is an exemption that can be given to the individual of the middle-income group this can be given only to residents. The rebate will be calculated considering the gross amount after claiming all deductions. Under section 87a for A.Y.2020-21 Individuals who are residing … Read more
Salary means either its money or money’s worth. Anything or any amount which was collected or gained from the employer tax under head salary. There is some exemption for the above said rule it comes under section 10(14) of income tax act … Read more
The fact that the budget on 1 st day of February was just an interim budget, our FM refrained from making any significant policy decisions or announcements for direct taxes., he did announce few benefits for the small taxpayers enumerated as below. … Read more
Fixed Deposit more than 5 years lock period will be exempted under section 80c of Income tax act 1964 but the interest accrued from that fixed deposit is taxable. It is taxed under the head income from other sources. If the interest on … Read more
As per notification no.29/2018 issued on 31st Dec 2018, it was stated that few services which are usually taxed directly are now taxable under reverse charge mechanism they are : 1. Services provided by the business facilitator to Banking company 2.Services provided by … Read more