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
How to avoid TDS on fixed deposit
Fixed deposits are financial investments from which you can get interest at a fixed rate by investing for a fixed period. If you are a risk averse or you want to go with low risk investments then fixed deposit is one of the best investment options. You can choose any bank for fixed deposit. There are different types of FDs available in market. You can choose one of them based … [Read more...] about How to avoid TDS on fixed deposit
How to Open a PPF account in SBI
To mobilize small savings, Public provident fund Scheme is introduced by the National Savings Organization in 1968. Public provident fund or PPF scheme is one of the best investment option which not only save your taxes but also earn you good return every year. A PPF account can be opened with any authorized SBI branch in your city or nearer to your locality. By using … [Read more...] about How to Open a PPF account in SBI
Appointment of first auditor for a company – Companies Act 2013
Company registered in India is required to appoint an individual or a audit firm as it's first auditor after its incorporation. Accounts of the company's are required to be audited by such first auditor. At the year end, financial statements along with the auditor’s report are to be filled with register of companies (ROC) within 30 days after completion of annual general … [Read more...] about Appointment of first auditor for a company – Companies Act 2013
How to open a current account for your company
Current accounts in a bank are opened by business men who have higher turnover with regularly business transactions taking place in bank. Our saving account has a limit on withdrawal even irrespective of the balance in your account. There are also restrictions on per day withdrawal limit. One person can not withdraw more than the specified limit of the saving A/c. One can … [Read more...] about How to open a current account for your company
Lunch and refreshment paid at office places are taxable
Employers in India are providing sodexo coupons or ticket restaurant coupons to their employees which can be used by such employees at eating points. Lunch, dinner or refreshment allowance paid by employer to employee is chargeable to income tax. Allowances provided at remote or offshore place Food and non alcoholic beverage provided by an employer to an employee in … [Read more...] about Lunch and refreshment paid at office places are taxable
Remittance to India is not taxable
Remittance to India means sending money to a person at a distance in India by another person from outside India. This is mostly done by Non resident Indians employed outside the country who transfers money to his bank account or to friends or relatives in India. As per income tax act, any income received in India is taxable in call cases irrespective of the tax payer’s … [Read more...] about Remittance to India is not taxable
Legal compliance for private limited company – Annual Audit
Irrespective of the size and nature of business all private limited companies are required to comply with the legal requirements of India. Following legal compliance are must for a private limited company to comply. Legal compliance as per companies act As per companies act, all companies register in India are required to maintain books of accounts and get it audited by a … [Read more...] about Legal compliance for private limited company – Annual Audit
Income tax penalty on late filling of IT return – For individuals
Individuals having income more than the basic exemption limits are required to file Income Tax return before the due date as specified under Income tax act. Two types of due dates are specified for filling your IT return. Individuals who are required to carry on income tax audit u/s 44AB of IT act. Other individuals Individuals coming under the first category are … [Read more...] about Income tax penalty on late filling of IT return – For individuals