Every person responsible for deduction of tax under Chapter XVII‐B, shall, in accordance with the provisions of sub‐section (3) of section 200, deliver, or cause to be delivered, the following quarterly statements to the Director General of Income‐tax (Systems) or the person authorised by the Director General of Income‐tax (Systems), namely:‐ Statement of deduction of tax … [Read more...] about Statement of deduction of tax under subsection (3) of section 200
Statement of collection of tax (TCS) – Form 27EQ under Section 206C (3)
Every collector, shall, in accordance with the provisions of the proviso to subsection (3) of section 206C, deliver, or cause to be delivered, to the Director General of Income‐tax (Systems) or the person authorised by the Director General of Income‐tax (Systems), a quarterly statement in Form No. 27EQ Statements referred to above for the quarter of the financial year ending … [Read more...] about Statement of collection of tax (TCS) – Form 27EQ under Section 206C (3)
What is TDS Certificate -Form 16 or 16A
TDS certificate is to be issued by each deductor who is deducting income tax and to be furnished to the person from whose income / payment the Income tax has been deducted. The TDS certificate should specify the amount of tax deducted and the rate at which it has been deducted. Its significance to the government lies in the fact that it propones the collection of tax, ensures a … [Read more...] about What is TDS Certificate -Form 16 or 16A
Income tax at lower rate or no deduction of tax certificate
Where the Assessing Officer, on an application made by a person under sub-rule (1) of rule 28 is satisfied that existing and estimated inome tax (IT) liability of a person justifies the deduction of income tax at lower rate or no deduction of tax, as the case may be, the Assessing Officer shall issue a certificate in accordance with the provisions of sub-section (1) of section … [Read more...] about Income tax at lower rate or no deduction of tax certificate
Application for allotment of TAN – Tax deduction and collection account number
An application under sub-section (1) of section 203A for the allotment of a tax deduction and collection account number (TAN) shall be made in duplicate in Form No. 49B. An application for TAN shall be made,— In cases where the function of allotment of tax deduction and collection account number (TAN) under section 203A has been assigned by the Chief Commissioner or … [Read more...] about Application for allotment of TAN – Tax deduction and collection account number
How to check your EPF Claim Status – Employee Provident Fund Claim Status Online
With the new EPF online facility, now you can check your EPF claim status online without any assistance. in our last article we have shown you how to check EPF balanace online . Today, in this article we will show you how to check your EPF claim status online with step by step procedure . Only thing you are required to know is the; Employee Provident Fund or EPF Account … [Read more...] about How to check your EPF Claim Status – Employee Provident Fund Claim Status Online
How to check your EPF balance – Employee Provident Fund Balance Online
EPF or Employees Provident Fund of India has set up an online service to track employee's EPF account balance with the help of employee provident Fund or EPF Account Number. Only thing you are required to know is the; Employee Provident Fund or EPF Account Number and Provident Fund Office location where your employer maintain EPF Account In this article we will let you … [Read more...] about How to check your EPF balance – Employee Provident Fund Balance Online
What is the process of filling your income tax return
Income tax return or ITR can be filed in two ways: (1) filing income tax return electronically, (2) Manual filling of IT return which is submitting the return in paper format with the tax department. Now a days, most of the ITRs are required to be filing online. To file your ITR you need to select the ITR form applicable to you based on your income and status. After … [Read more...] about What is the process of filling your income tax return
Time limit for payment of TDS
Time and Mode of Payment to government account of tax deducted at source or tax paid under sub-section (1A) of Section 192 are below; All sums deducted ( TDS ) in accordance with the provisions of Chapter XVII‐B by an office of the Government shall be paid to the credit of the Central Government ‐ On the same day where the tax is paid without production of an … [Read more...] about Time limit for payment of TDS
How gratuity is taxable under income tax act, 1961
Gratuity is a retirement benefit to the workman who has rendered long and unblemished service to the employer. Its a reward for long and meritorious service. In 1972 the government of India, passed The Payment of Gratuity Act which made it mandatory for all employers with more than 10 employees to pay gratuity. For the purpose of exemption of gratuity under sec.10 (10) the … [Read more...] about How gratuity is taxable under income tax act, 1961