July 1 marks the beginning of the second quarter of the financial year as well, which means that there will be a host of rule changes relating to financial matters this month.
There is a lot of difference between income tax and TDS. Both the taxes have a different mechanism when it comes to computing them
The clubbing provision is not applicable in all cases, but it is applicable in certain specified cases. Here is a look at where the clubbing provision applies.
Under the new income tax rule, social media influencers will be liable to pay 10 per cent TDS if they receive a product like car, mobile, outfit, cosmetics etc and retain the same.
Section 80DDB provides tax deduction to taxpayers in case of expenditure on medical treatment of specified diseases. The deduction limit is up to Rs 1 lakh for senior citizens (those in the 60-80 age group). The super seniors or those above 80 enjoy some more benefits.
TDS on Crypto Transactions in India: This article explains the new Income Tax Guidelines, Circular, FAQs, Rules that will apply on cryptocurrency transfers from July 1
Form 26AS statement gives you a consolidated view of the total income earned as a deductee from various sources. It also includes the TDS/ TCS amount that has been deducted from your income and paid to the Income Tax (IT) Department.
To claim exemption under Section 54F, the sale consideration has to be invested to buy a residential house within two years from sale of the mutual fund investments
The income tax law does not differentiate between the initial gift to the HUF and subsequent gifts
According to the guidelines, it is not necessary for the payer/deductor to check the taxability of the sum in the hands of the payee before deducting TDS by clearly distinguishing the principles governing TDS under Section 195 from the TDS under Section 194R.
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