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
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
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
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
How to Know your EPF balance Online – EPF epassbook
From May 2012 onwards if your employer has filled electronic Challan cum return then you can see your EPF account balance online by registering yourself as a member in EPFO website. To register as a member you need to have followings in your hand; Mobile number Email Account Any of following document’s number PAN AADHAR NPR Bank Account Number Voter ID … [Read more...] about How to Know your EPF balance Online – EPF epassbook
Employer has not issued Form 16 or refuses to issue it
Employer after deducting income tax from employee’s salary should issue a certificate disclosing all the details of tax deducted with Challan number and date of deposits. As per the tax provisions this certificate has to be issued before 31st May of the assessment year i.e. for the financial year 2013-2014 form 16 has to be issued on or before 31st may 2014. In case employee … [Read more...] about Employer has not issued Form 16 or refuses to issue it