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IndianTaxStudy
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Although in some cases, quoting of PAN for certain type of transaction is must, for most of the transactions quoting of PAN is optional yet it is beneficial to quote PAN in your own interest. When TDS is to be deducted by payer, you should quote your PAN…

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This Week has been full of news related to GST. Though believed to be a tough task, it is anticipated to come into effect from 1st July. Also giving due respect to the deadline expected by Government, recently on May 18 & 19, for the very first time rates…

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With Aadhaar being mandatory for filing ITR, there are several consequences for not linking the same. Below is in detail consequences. Most immediate impact will be on filing of ITR. As earlier notified by Government, no ITR shall be accepted within…

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With deadline for applicability of Goods and Service Tax (GST) coming near, there’s still confusion as to number of return to be filed. This article is a guide to the number of returns under GST and their Due Dates. Form No. Details to be filed To be…

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Straight Line Method (SLM) and Written Down Value (WDV) methods are the most used methods for calculating depreciation. Although Companies Act doesn’t require any specific method to be chosen, the income tax limits the choice for selecting options. SLM is…

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Section 194D deals with Tax Deduction on payment of insurance commission. This section casts responsibility on any person responsible for paying to a resident any income by way of remuneration or reward as a commission from the insurance business. Payment…

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Provisions related to Tax Deduction at Source (TDS) that are applicable on payments to contractors and sub-contractors are in Section 194C of the Income Tax Act, 1961. This section applies only to payments made to resident contractors and sub-contractors.…

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Any income from winnings from lotteries, crossword puzzles, card games and other game of any short, races including horse races, etc., is chargeable to income-tax under section 115BB. This section imposes an income tax at a flat rate of 15%. Further, the…

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Section 194A deals with TDS on interest other than the interest on securities. Provisions related to the TDS on interest on securities are in section 194. The current rate of TDS under this section is given by Part II of the First Schedule to the Annual…

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Dividends attract dividend distribution tax @ 15% in the hands of the company. There is no liability to pay tax on individuals receiving it from a domestic company. It is, therefore, there is no provision for TDS. Domestic Companies do not need to deduct…
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