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Direct Taxes

Due Dates for E-Filing of TDS/TCS Return FY 2018-19 | AY 2019-20

Due Dates for E-Filing of TDS/TCS Return FY 2018-19 | AY 2019-20, Due Dates for E-Filing of TDS/TCS Return Interest on Late Payment   FY 2018-19| AY 2019-20 Time-Limits for TDS Return|TDS Deposit/Payment|Form 16A|Interest on Late Deposit In the previous article we have shared detailed TDS Rates Chart for FY 2018-19 | AY 2019-20 and here we are sharing Due Date for Filing TDS/TCS Return, Issuance of Form 16 and TDS Payment for FY …Read More

Section 44AD: Presumptive Taxation for Business Income for AY 2018-19

Under this section, an eligible assessee engaged in eligible business with turnover less than 2 Crore can consider his taxable business income (PGBP) as – 1. 6% of his digitally* received turnover or gross receipt [Only for AY 2018-19]; and 2. 8% of his remaining turnover or gross receipt The 6% or 8% is the minimum taxable limit and declaration of business income below this limit will cause a taxpayer to maintain proper books of accounts in order …Read More

Tax Changes for Filling of Income tax Return For A.Y 2018-19, FY 2017-18

1. Limit for payment of expenses by cash (Both capital and revenue expenditure) reduced from RS. 20,000 to RS. 10,000 per day in aggregate per person. 2. No Person shall receive an amount of two lakh rupees or more, by cash (Sec 269ST). 3. Tax Exemption limit is Rs.2,50,000/- (same as earlier) After that, up to 5 Lakh, Tax rate is 5% (earlier it was 10%). 4. Tax rebate is …Read More

Section 195 of IT Act

Tax Deducted at Source is the first way of collecting taxes. Section 195 of the Income Tax Act is a section that covers the TDS on Non-resident payments. This section identifies the tax rates and deductions on business transaction with a non-resident from a day –to-day basis. Under Section 195, the income is chargeable under Income Tax Act. Any sum is charged and the certificate for remittance is mandatory. Any …Read More