Non residents are required to obtain a PAN card in India if they have received any income from India or for any other reason they are required to file their income tax return in India. To file such IT return, a non resident has to obtain a PAN card from income tax department. PAN is also required if non resident wants to buy a land or any other property in India. PAN card is … [Read more...] about PAN Card for Non Resident – How Non residents Can Obtain a PAN Card in India
Archives for October 2013
How tax can be deducted at a lower rate from salary
Employees are liable to tax only if their gross salary after all exemptions and tax deductions are exceeding the basic exemption limit of tax. For the financial year ending 31st march 2017 and 31st march 2018, basic exemption limit for the purpose of income tax is Rs. 2,50,000 for an assessee who is below 60 years of age. Recommended Read: Income tax slab rated for … [Read more...] about How tax can be deducted at a lower rate from salary
How sole proprietorship businesses are taxed in India
There is no magic rule that says corporate form of business will save you more tax in comparison to proprietorship. Tax can be saved through proper tax planning. Sole proprietorship are small and independent service providers or resellers who work for themselves in their own business. It’s a business owned by a single individual. In this article, we will discuss how a sole … [Read more...] about How sole proprietorship businesses are taxed in India
Holiday packages for employees are taxable
Holiday availed by a employee or any member of the household of employee’s are taxable to the extent of such expenditures that are reimbursed by the employer. Holiday expenses includes traveling, touring and stay expenses.Its taxable in the hand of employee. Any amount reimbursed by the employer as leave travel allowance will not be covered in this case i.e. LTA or LTC … [Read more...] about Holiday packages for employees are taxable
Things to know before starting a sole proprietorship business in India
We have three main forms of business in India: proprietorship, Partnership and Company. A business which is owned, operated and managed by a single individual is called sole proprietorship business. Sole proprietorship form of business is the most common form of business owned and operated by many individuals across India. It's the simplest and the easiest way to start your … [Read more...] about Things to know before starting a sole proprietorship business in India
Losses and other incomes that can be disclosed to employer for TDS
As per section 192 of income tax act, an employee may furnish particulars of other incomes to employer that he has incurred during the financial year. While disclosing, employee can also disclose income tax that has already been deducted from such other incomes. After employee’s declaration, employer will consider other incomes and Tax deducted at source from it while … [Read more...] about Losses and other incomes that can be disclosed to employer for TDS
More than one PAN will attract penalty of Rs.10000
PAN is an alphanumeric 10 digit number which is used in all communication to income tax department. As per the provisions of income tax act, one tax payer can not possess more than one PAN. This does not mean that you can not apply for a PAN card if it’s lost. What we are talking about is one individual or company or firm can not possess more than one number. One number should … [Read more...] about More than one PAN will attract penalty of Rs.10000
How to Apply for a Duplicate PAN Card
PAN card is an essential document for all purpose. Now a days its not only required for income tax purpose but for all financial transactions and identity proof PAN card is required. You should not be tensed or restless by losing your PAN card as your can get issued a duplicate one from income tax department. Obtaining a duplicate PAN card is a very simple process. To get a … [Read more...] about How to Apply for a Duplicate PAN Card
Landlord’s PAN details required for HRA exemption – Mandatory Provision
PAN of Landlord is a must if your total annual rent paid exceeds Rs. one Lakhs during the financial year. If rent is equal or less than one lakh rupees then you need not provide PAN details of your landlord to your employer. As per recent notification issued by CBDT, to claim HRA exemption employees are required to compulsorily provide PAN details of their landlord if they … [Read more...] about Landlord’s PAN details required for HRA exemption – Mandatory Provision
Submit Form 15G or 15H to avoid TDS on Bank interest
As per the provisions of income tax act (Section 194A), if you are receiving interest amount of Rs. 10000 during the financial year then bank has to deduct income tax at the rate of 10% on such interest and deposit it against your PAN number to the income tax department. In case you do not have a PAN or you have not submitted PAN to your bank then TDS has to be deducted at … [Read more...] about Submit Form 15G or 15H to avoid TDS on Bank interest