Income tax

Employee Provident Fund (EPF) is a welfare scheme framed under the Employee's Provident Funds and Miscellaneous Provisions Act,1952. As per the provisions of this act, any person who employs 20 or more employees has to compulsorily get registered and start a provident fund scheme for the benefit of it's employee after 3 years of establishment. However, voluntarily if both … [Read more...] about Tax on employee provident fund or EPF contributions

In our earlier article we have discussed about Gross Total Income or GTI. In this article we will show you how to calculate total taxable income and tax liability on it. After collecting all required information to file your ITR, you are required to calculate your total taxable income. Based on the applicable slab and tax rates, tax liability is calculated on it. After … [Read more...] about How to calculate total taxable income for FY 2019-20

As per section 80B, Gross total income means total of all incomes computed in accordance to the provisions of income tax act 1961 before making any deduction under chapter VIA. In this article, we have shown you how to calculate gross total income (GTI) of an assessee. To know how to calculate, you are first required to know how total or taxable income is … [Read more...] about What is gross total income and how it’s calculated

To compute income under the head house property, you have to first check if all the basic conditions as specified in section 22 of the income tax act,1961 are satisfied. If its taxable under the head house property, then before calculating taxable income under this head, you can claim a tax deduction under section 24. As per section 24 of the income tax act,1961, income … [Read more...] about Tax deduction on Income from house property – Section 24

A deductor must issue TDS certificates to the deductee for deduction of tax at source. To get started, the person who has to deduct tax must first obtain TAN or Tax Deduction and Collection Account number. Newly registered companies are not required to apply for TAN separately as it gets allotted at the time of company registration. To know your company TAN, please check … [Read more...] about When and how to issue TDS certificates

TDS or Tax Deducted at source has to be deposited with the government within the specified time limit. When tax has been deducted by any person other than government, the deducted amount has to be deposited on or before 7 days from the end of the month in which deduction is made or tax is due u/s 192 IA. However, if income or amount is credited or paid in the month of march, … [Read more...] about Due dates or Time limit to deposit TDS

Filing income tax return can be a complex process if you do not understand the process and applicable tax laws. Therefore before filing your ITR, you need to make sure that all the documents are collected, relevant information is obtained and you know exactly how to process the ITR form. In this article we have listed 8 most important things that every taxpayer should … [Read more...] about 8 things salaried persons should know before filing tax return – ITR

Not filing an income tax return on or before the due date can lead to various penalties. Interest under section 234A will be applied when the return of income has been filed after the due date of filing or time allowed under section 142(1) or it has not furnished at all. If section 234A is applied, then the assessee has to pay an interest amount of 1% per month or part of … [Read more...] about Interest Penalty for late filing of income tax return – Section 234A