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TDS on salary is nothing but calculation of Tax on the Taxable salary after making the adjustments of allowances , perquisite (as per criteria of Salary Head) , Loss if any under chapter of House property and deduction under chapter VI-A , if the above calculation leads to the Taxable income more than 2,50,000 for […]
Read MoreBifurcation of Salary As we discussed in detail in our last article what is the meaning of salary and their component including the absolute and conditional exemption under salary http://semantictaxgen.in/salary-under-income-tax-and-tds , Now we can discuss to frame their ideal stucture for the various business. Normally salary could be bifurcated as follows :- […]
Read MoreWhat includes salary:- Salary is a periodical payment for Services rendered by an employee to an employer. However under sec.17(1) of the Income Tax Act, following items are also included : 1.Wages 2.Any annuity or pension 3.Any Gratuity 4.Any Fees, commission, perquisites or profits in lieu of or in addition to any salary or wages. […]
Read MoreCBDT has issued draft New IT Rule 39A/ Form 28AA meant for Intimation/ Self-reporting of Estimated Income, Advance Tax Liability and Payment thereof by Companies and Tax Audit Cases, Draft_Notification-Rule-39A-19-9-2017 is as follows It is proposed to create a mechanism for self-reporting of estimates of current income, tax payments and advance tax liability by certain […]
Read MoreThe Lok Sabha passed the Finance Bill, Starting from April 1, 2017: A) The tax rate on income between Rs. 2.5-5 lakh will be 5 per cent from 10 per cent. B) A 10 per cent surcharge for individuals having income from Rs. 50 lakh to 1 crore. C) A simple one-page ITR form for […]
Read MoreIncome Tax Department- list of benefits available for Small businessman This link will provide all details of benefits available to an Small Businessman in current Income Tax regime.
Read MoreIncome Tax Department benefits This link will provide you all details of benefits regarding Individual /HUF under Income Tax.
Read MoreTDS RATES APPLICABLE FOR 2017-18TDS RATES
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