Employers are required to deduct income tax at source (TDS) from employees and deposit it with IT department on or before 7th of the next month following the month for which TDS has been deducted. For the month of march it has to be deposited before 30th April. If you are liable to tax as per the provisions of IT act then it is the responsibility of the employer to deduct … [Read more...] about Penalty on Employer For Not Depositing TDS
Archives for October 2013
Contract Employees – Income tax provisions for contract employees
Most of the Companies in India have already started hiring most of their employees on contract. Contract employee is an individual engaged in business to provide specific services based on the contract signed. These peoples are engaged for a particular time period after which their contract requires renewal. Such contact employees are not liable to get all the benefits that … [Read more...] about Contract Employees – Income tax provisions for contract employees
VAT – What is Value Added Tax in India
VAT stands for value added tax. VAT is imposed on the value addition to products which ultimately paid by the end consumer. Over 120 countries worldwide have already introduced VAT and India is one of them to introduce it in 1st April 2005. For a buyer, VAT is a tax on the purchase price of the product. Where as for a seller, VAT is charged on the value added to a product or … [Read more...] about VAT – What is Value Added Tax in India
How to counter the effect of inflation on your savings
Increases in inflation are continually eroding the value of people’s saving and reducing their standard of living. With the increase in inflation rate, all prices will go up where as saving will not be multiplied in that ratio. Because of inflation average Indian consumers have to spend extra amount out of their earning towards fuel, food and utilities due to which … [Read more...] about How to counter the effect of inflation on your savings
Country specific chart of accounts in sap
Chart of account (COA) is a list of general ledger Accounts which are used by a company code in sap. Such COA can be used by another company code. It’s not compulsory that only one COA should be used for one company code. COA is created separately at client level and assigned to a company code. For this reason, COA can be assigned to more than one company code. Country … [Read more...] about Country specific chart of accounts in sap
Basic Exemption Limit in Income Tax
Basic exemption limit is an amount applicable to a financial year up to which an individual will not be liable to pay income tax. Income in excess of this limit will be liable to tax at the rate that is applicable to the financial year in which such incomes are incurred. Basic exemption limit is considered on the total income that is arrived after deducting Income Tax … [Read more...] about Basic Exemption Limit in Income Tax
IPCC – How to join Integrated professional competence course of ICAI
Integrated professional competence course (IPCC) or Intermediate is the starting point of your chartered accountancy course. A student after clearing CPT or after passing out graduation or post graduation course can join IPCC. However to join IPCC after graduation or post graduation course, the student has to get minimum 55% marks in aggregate if he is a commerce graduate/post … [Read more...] about IPCC – How to join Integrated professional competence course of ICAI
How to recover income tax efilling password
Sometime it happens that we forget our log-in ID and password of our email account or internet banking. To recover these passwords depends on your email provider or banking company’s policy but how about resetting password of online tax e-filling account. A normal tax payer uses his e-filling account only once in a year to e-file his tax return which increases the chances of … [Read more...] about How to recover income tax efilling password
Employers not depositing EPF contributions to EPF Account – Remedies and legal actions
Every month employer has to deduct employee’s contribution from his or her monthly salary and deposit the same with EPFO in addition to their own contribution. After depositing both contributions to EPFO account, it automatically gets deposited to employee’s individual EPF account. Many companies in India do not deposit such contributions with EPFO even though they have … [Read more...] about Employers not depositing EPF contributions to EPF Account – Remedies and legal actions
How to Withdraw EPF balance without employer’s signature
Employee provident fund or EPF is managed by Employee Provident fund organisation (EPFO) of India. Employers eligible for maintaining EPF account of their employees are required to deduct certain portion from employee’s salary in addition to their own contribution as employer. These amounts i.e. amount deducted from employee’s salary and employers contributions, are invested … [Read more...] about How to Withdraw EPF balance without employer’s signature