The ClearTax GST software prevents mismatches and has separate versions for CAs and Enterprises -- GST Pro and GST Biz.
Under section 203 of the Income-tax Act, 1961, the employer is mandated to issue Form 16 to the employees showing the total TDS on income.
If you have any evidence of tax deducted at source from the salary, then you can write to the Commissioner of Income Tax, TDS giving all the information.
FDI, Esop and off-market transactions NCLAT will not face capital gains tax.
From July 1, the invoices you raise will change. Here is how you can make an invoice that is in sync with the requirements of GST.
One of the biggest tax reforms comes into effect next month but many small businesses, entrepreneurs and self-employed professionals are not prepared.
Tax experts say this does not apply to post-dated cheques. Builders typically ask for post-dated cheques, if a flat is booked during the construction stage.
Invoice matching can effectively avoid fraud claims. So why does the GST insist on linking input credit to the payment of tax by the supplier?
If Mahesh Jasti gets more tax-free perks and invests more for retirement in the NPS, his tax can come down by more than Rs 1 lakh.
All GST compliance will be paperless. GST returns will have to be filed online. Therefore, it will be beneficial to move to an electronic system of
For more than one Form 16, prepare a revised statement of income and tax liability to make sure that the tax is calculated as per the correct slab.
To claim credit of the TDS deducted, an individual is required to file the income tax returns. You shall receive credit in bank account once return is processed.
TDS is applicable on the various incomes received such as salaries, interest received etc. which is deducted when income is generated rather than at later date.
Prakash,31, should invest in NPS and opt for aggressive lifecycle fund to plan for retirement and minimize his tax outgo by almost Rs 48,000.
In case the employer has not provided the Form 16 to the employee by May 31 and delays it, there are penalties in place.
As the sale consideration is less than the stamp duty valuation then stamp duty valuation shall be deemed to be the sale consideration of the property.
The losses under the head income from house property can be considered by your employer while computing the TDS on the salary.
The status of the trust is not equal to a mutual fund, but it functions like a mutual fund. It does not have same taxability as in the case of mutual fund.
Tax authorities in many countries, such as the US, treat bitcoins a capital asset in hands of investors, with the sale resulting in a capital gain.
ET Wealth reached out to experts to know whether additional tax benefits is needed to encourage women joining the workforce.
The Income Tax department has made provision for assesssees to link their PAN to Aadhaar on the efiling portal.
Vasudeo is 25 and should, therefore, opt for the Aggressive Lifecycle Fund of the NPS which allocates 75% of the corpus to equities.
Appeals filed by or against individuals over 80 years, will also be given a priority in all cases, irrespective of their nature of income.
The row house with a carpet area of 60 sq. mtr. will be eligible for deduction under section 80-IBA only if it is situated in other than metro cities.
The final notification of the rule will ensure that investments such as Esops and off-market strategic acquisitions do not face tax.
Such taxes existed till 1986. Fearing its comeback, India's rich are now laying down specific rules for the beneficiaries of the wealth.
Manoharan should start by asking his company to reduce his special allowance and instead give him tax-free perks such as reimbursement of expenses
A person's gross total income chargeable to tax various heads and one of these heads of income is 'Income from House Property'.
Profit or loss from the transactions without taking delivery of the securities will be treated as speculation profit/loss in case of share trading as business.
Gopal can reduce his tax by over Rs 56,000 if his company offers him some tax-free perks, invests in the NPS and avoids tax-inefficient investments.
An individual as per the tax laws is required to file the original return by July 31 every year says Amarpal Chadha, Tax Partner and India Mobility leader, EY.
An employee can verify from time to time, his TDS (which has been deducted by the employer) in Form26AS in the TRACES website.
ITR 1/Sahaj can be used only by individuals who have income from salaries or one house property or other sources of income.
ITAT (Ahmedabad bench) ruled that only salary received would be taxable, and not portions which were deducted for not serving out a notice period.
In part E of the tax return, you do not need to disclose anything if the amount deposited is less than Rs. 2 lakh during demoentisation.
Income from property is taxable on the basis of annual value—the amount for which the property might be reasonably be expected to be let out from year-to-year.
Desai is paid a very high city compensatory allowance. This should be reduced and 10% of his basic pay should be put in NPS under Sec 80CCD(2d).
According to the I-T Act, an employee is entitled to claim credit for the tax deducted at source by the employer even if the same is not paid by the employer.
As per the I-T Act, a salaried taxpayer can claim exemption on HRA, if the property is not owned by him and actual rent has been paid.
With prospects of GST increasing the GDP by 2 per cent, the momentous legislation, at least for the short term, may emerge as a mixed bag for the co
The gift deed contains the complete details about gift and any sum of money given as way of gift to your family members is not taxable.
As per a ruling, the assessing officer can now demand proof, such as electricity bill, in allowing a lower taxable income as computed by a salaried employee.
The notification lists three types of transactions where the provision will apply, but doesn't address concerns of capital gains tax on employee stk options.
Sudhir Kaushik of Taxspanner.com advises readers on how to restructure their income, investments and expenses to optimise their tax.
The buyer is required to deduct TDS @ 1% on the total consideration and deposit the same in the account of the income tax authorities.
The tax return form notified by the income tax department -— now simplified to one page for most payers—includes a provision for such a declaration.
In the form for AY 2017-18, deductions claimed under different sections of Chapter VIA have been removed and only mostly used ones have been included.
The income received from the teaching profession or the activity of preparing content material is not covered under Section 44AA(1) of Income tax.
Investing in a tax saving instrument through cheque especially during the last few days of the financial year, may get held up due to various reasons.
Tax-saving FD is one of the tax saving instruments where one can invest to save tax under section 80C of the Income Tax Act.