Tag: TDS
-
TDS on Fixed Deposits?
According to section 194A of Income Tax Act, 1961 TDS is to be deducted if the interest paid by a bank on account of FD exceeds Rs 10,000. Bank itself should deduct and deposit the TDS with the government..
-
What is Form-15G and 15H?
According to section 194A of Income Tax Act, 1961 TDS is to be deducted if the interest paid by a bank on account of FD exceeds Rs 10,000. If the income of assessee does not fall into tax limit, he can submit a Declaration Form 15G/15H to bank stating that he doesn’t have any taxable…
-
Let out your house property-get exemption from Wealth Tax
Let out your house property to get exemption from wealth tax There has been several instances where peoples having two or more residential houses unoccupied. In such cases they may have to pay wealth tax on such property too even it is not utilized. Wealth tax is charged on the net wealth of a person…
-
Is saving account interest is taxable?
With effect from assessment year 2013-2014,a new section 80TTA hasbeen introduced for providing deduction for interest income.sec. 80TTA provides that, any interest income derived from deposits in a savings account (not time deposits) will be allowed as deduction. Interest income up to Rs 10,000 in aggregate shall be allowed as deduction while computing Total Income.…
-
Default in depositing TDS before due dates will leads to prosecution
Tax deductors, after deducting TDS from specified payments, are deliberately not depositing the taxes so deducted in Government account and continue to deploy the funds so retained for business purposes or for personal use. Such retention of Government dues beyond the due date is an offence punishable u/s 276B of the Income Tax Axt, 1961.rigirous…
-
TDS-due dates
TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government account. It is similar to “pay as you earn” scheme also…
-
TDS/TCS-Forms
TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government account. It is similar to “pay as you earn” scheme also…